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What is an Audit Billing Statement?

A Workers Compensation Term Definition

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After the audit of your workers compensation policy is completed by your insurance carrier they will prepare and send to you a Final Audit Statement. This statement will indicate any additional premium you owe or any credit you will receive due to the payroll adjustment as determined by the auditor. You should receive the audit billing statement usually within three months after the end of your workers compensation policy period.

Unfortunately the audit billing statement will not provide you with any information as to how the data was gathered or how it was applied to your policy. It will only show you the final numbers and a recalculation of your policy premium. Some insurance companies will provide you with a side by side comparison of how your original policy was set up and outcome of the audit. But again, this is only a recap. So if you are looking for details on how the insurance company and or auditor came up with your audited payroll you have to look deeper.

If it's the details you need, you must ask your insurance company to provide you with a copy of the actual auditors worksheets. These worksheets are a compilation of the raw data the auditor gathered while conducting you audit. Be sure to visit our page on audit worksheets for more information on this topic.

If you have any problems with your audit or if we can be of any assistance to your business just give us a call!

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WORKERS COMPENSATION CONSULTANT
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email: rks@workcompconsultant.com


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