WORKERS COMPENSATION AUDIT NYC
A workers compensation audit is an assessment and evaluation of your company’s payroll during the time your insurance provided compensation to a worker due to a multitude of reasons.
When you get a new employee, the first thing that an employer must do is file for insurance for their worker so that the worker can be looked after in case of any minor or major injury. This also protects the employer from being held liable as the insurance covers the cost. Most states make it compulsory that workers compensation insurance be done by an employer. Independent contractors and freelancers are usually exempt from this.
- SALE TAX AUDIT
- WORKERS COMP AUDIT
- UNEMPLOYEMENT INSURANCE AUDIT
The state government can ask any company to show their records and data of any worker’s compensation that they have provided.
To understand worker’s compensation audit, you must first know what is worker’s compensation exactly.
UNDERSTANDING WORKERS COMPENSATION INSURANCE AUDIT NYC
Workers compensation is providing a specific amount through insurance to your employee in case of any harm or injury during work. Workers compensation can be provided if:
- The employee is injured due to work in the workplace
- The employee is injured due to work while not in the workplace but out to fulfill the task of their job
- The employee is majorly injured and faces permanent disability that decreases his standard of living
- The employee dies while on work. In this case, remuneration is provided to the employee’s family.
TYPES OF WORKERS COMPENSATION AUDITS:
There are multiple types of workers’ compensation audits that we provide. They differ from company to company; as some are suited to larger corporations while some to smaller.
- These are generally for small business owners.
- Exemptions of mail audit are for employers who are in industries that have more threats like construction etc.
- Preliminary Audit:
- These are on-site audits.
- They take place when a new workers compensation policy or insurance is set up.
- This is to ensure that the proper policies are being included.
- Telephone Audit:
- These take place over the phone with an auditor.
- First, the insurer takes some information from you and then an auditor checks upon these.
- As a firm, we are contacted by insurers as well to do this over the phone.
- Field Audit:
- As the name suggests, these take place over on the premises of your company.
- These are specifically taken for hazardous occupations like engineering, construction, house building, etc.
- Interim Audit:
- These are for companies that prefer to maintain smaller records, for example, monthly or bi-monthly rather than annually.
- These take place both via mail as well as in person.
- Large companies usually prefer these, as it is preferable to maintain these records to ensure no discrepancies.
- Test Audit:
- These are usually conducted by state worker’s compensation authorities.
- They ensure that the companies are using the correct insurance rates.
- They also ensure that proper check and balance has been maintained or not.
HOW TO PREPARE FOR A WORKERS COMPENSATION AUDIT IN NYC?
As an audit firm, we do advise that you hire an actual professional auditor to prepare for your audit. However, we realize that you will be at ease if you understand the whole process.
- Understanding Workers Compensation Audit Rules:
- As an employer, you must know what the rules of an audit are.
- Our firm will explain the rules to you step by step so that you know exactly what is legal and what is not.
- Defining the correct categories:
- You must go over the responsibilities and tasks of your workers to analyses their categories and ensure that they are paid the correct amount
- Our firm takes care of that for you, as we know the working of the market.
- Contacting Your Insurance provider to ask the requirements:
- Every insurance provider has its own set of requirements
- We can find out what is required and submit the required documents to the insurance company that you have chosen for your business.
- Take part in the audit process:
- This is why we involve you in the process.
- It is your company, and you should know what is taking place in it.
- Review the audit results:
- Reviewing is an important part to ensure there are no discrepancies before the government agency does your audit.
WHERE ARE WE BASED?
We are based in the state of New York and provide these services for those in the city of New York and the boroughs of Manhattan, Bronx, Brooklyn, Staten Island, and Queens.