Employers across New York, and the U.S., are typically subject to an annual audit of their Workers’ Compensation insurance program. The Flanders Group manages both Safety Group program participants as well as Workers’ Compensation programs offered by private insurers. In both cases, knowing how to prepare for an audit of your Workers’ Compensation program can make a very significant difference in the final outcome of the audit process.
We will provide additional tips in future blog posts, but in this initial commentary we offer a couple of observations for employers in the industries we serve, which include landscapers; marinas and boat dealers; RV and auto dealers; refuse and waste haulers; real estate owners and property managers; and manufacturers:
Tip #1: Preparation is key. The Flanders Group provides extensive support for clients to help you understand how to prepare through our Audit Toolkit and support throughout by our team of audit experts. We help you develop a much more exact understanding of what the auditor wants to see and the proper formatting and sequence. It will work to your advantage if you are known as the client who is thoroughly prepared and a pleasure to work with. In virtually any business transaction or relationship there are occasional “gray” areas and its nice to know the auditor is more likely to work more cooperatively with you on questions because he/she appreciates the effort you put in to preparing for their needs.
Tip #2: Mistakes happen. Any mistakes which occur in the initial audit meetings with the insurer’s representative are somehow inevitably harder to correct later on in time. It takes a lot more effort to correct an error than to get it right the first time. Verify all the figures so that when the auditor gives you a copy of your audit worksheet you know at a glance if there is a discrepancy that you can address before they leave.
Many of our clients grew tired of “surprises” with their overall annual Workers’ Compensation annual program – everything from classifications, to payroll estimates, to understanding “total compensation”, to preparing for audits – with little or no help. We are committed and provide expertise that results in amazing service. If you’ve ever wondered if you could realize significantly better results from your Workers’ Compensation insurance program , contact us today and we will provide success stories and examples of how our unique industry specific programs make such a difference.