Industry Insights
December 5, 2023
Moore: Workers' Comp Premium Audit Guide for Employers
- State: California
- - 0 shares
A California workers' comp premium audit guide showed up in a peculiar place.
James Moore
I came across a PowerPoint presentation and slides from State Compensation Insurance Fund recently. SCIF functions as the insurer of last resort in California. The presentation slides (PDF) can be found here.
The presentation was from earlier this year. I recommend downloading the PDF file even if you are not a California employer or if SCIF is not your workers' comp carrier in California. I rarely recommend carrier-supplied info, but this was worth an article to cover the topic.
Why download it? Because it is a nice, quick summary of what might reduce your yearly premium audit stress. Yes, the slides may be California-specific, but the audit process and preparation are very similar in other states.
Any employer with at least $10,500 or more premium will be audited in person or virtually on an annual basis. Virtual audits became the standard during the pandemic nationwide. The virtual audits are a type of hybrid audit.
What's required from your company:
- Payroll bookkeeping records.
- Tax returns and forms.
- Payroll journals.
- Original time cards with start/stop times, along with trade performed.
- Cash disbursements.
- Cash payments.
The SCIF download contains links to other sections of its website, including employee/contractor determination, along with other parts. This may not be a full California workers' comp premium audit guide, but it is a great starting point if you are due for an audit.
This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.
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