The mere sound of having an audit done sends shivers up the spine of most business owners, especially those in the construction and transportation industries. Knowing that it has the likelihood of increased insurance costs, some business owners avoid the audit like the plague. However, dealing with the audit aggressively from a position of knowledge and understanding can temper the effects of any audit
I recently had the opportunity of discussing this very subject with Jon Coppleman. Jon is a leading authority on classifying payrolls for the construction and transportation businesses. For more than 20 years Jon has been drafting and delivering user friendly training in all aspects of workers compensation nationally. He has worked with Fortune 500 companies and Main Street businesses across the country. We are fortunate to have Jon available for our most complex comp issues.
There are many moving parts to making sure that you are in compliance and that you are taking advantage of appropriate classifications and discounts available including…
- The wise use of deductibles
- Proper record keeping when an employee has multiple duties
- Transfer of risk strategies with temp labor forces, independent contractors and sub-contractors
- Confirming the proper calculation of your experience mod
- Analyzing the application of the Construction Classification Credit
- Effects of operating in multiple states
…..just to name a few
Make sure that your agent is closely involved in this process. We will routinely require that the audit takes place in our office after compiling the information necessary for its completion. This allows complete control over the process and affords thoughtful response to the questions posed by the insurance company representative.
Check out my complete interview with Jon to get a more comprehensive look into how you can get the best results from your audit.
If you feel that you have been overcharged on your current or a previous audit please contact us for a consultation.