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The premium for a workers’ compensation policy is based on
estimated exposures that are not known at the time the policy is
written. After the policy expires, a premium audit is needed to
determine the actual exposures for the policy period.
Maintaining business records is important to the success of any
business. Keeping proper workers’ compensation records
can save money for your company in time as well as reduced premium
costs. The premium auditor may examine and audit all records that
relate to your policy. In most cases, the premium auditor will ask for:
- General Ledger
- Disbursements journal / check book / cancelled checks
- OESC quarterly unemployment tax reports
- 941 IRS quarterly tax reports (FUTA)
- Overtime summary by classification
- Records of contract/subcontract labor
- Workers’ Compensation insurance certificates or
- Affidavit of Exempt Status Under the Workers' Compensation
Act form and Exempt Status Fact Sheet on contractors/subcontractors
for the policy period
- Individual earnings records
- W2s, W3 transmittals, 1099s and 1096s
- Current federal tax returns
- Other miscellaneous business records
How do I figure overtime credit?
Understanding the premium audit process
Below are some frequently asked questions about the premium
audit process. For answers to specific questions, please
contact our Premium Audit Department at (405) 232-7663 ext. 5528
or call toll-free 1-800-347-3863 ext. 5528, or you can
e-mail your question.
Frequently Asked Questions
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