As part of its policy contract, Work First conducts premium audits on all policies to identify changes in operations and to obtain all documentation needed to ensure policyholders are being charged equitable and accurate premiums.
As a Work First Casualty Company policyholder, our pledge to you is to produce an audit that represents your risk exposures accurately and reflect premium levels that are appropriate. Our objective is to make the audit process a positive experience for all parties. To that end, the following information will help you know what to expect from an audit and what expectations Work First has of its policyholders.
We use the rules set forth in the National Council on Compensation Insurance (NCCI) Basic Manual, Scopes Manual and Independent State Manuals to properly assign classification codes, determine reportable payroll, and calculate the final premium.
A majority of the audits are conducted in-house at our offices but certain instances will require us to perform audits at your place of business. Audits can involve up to three prior years of records that relate to your policy. There are three basic types of audits:
It is important to remember that your final policy premium is determined after the policy ends. Your policy was initially quoted using the estimated payroll and classifications you and your broker provided in the submission to Work First. Your final policy premium is determined through the audit process whereby your actual payroll is properly classified and is applied to the rate for each class code.