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Address: 1125 Judson Rd., Suite 114, Longview, Texas 75601
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Phone: 430.240.1125
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Email: grant@maloneagency.net
As a business owner, you know that workers’ compensation insurance is a critical part of protecting your employees and your company. However, one aspect that often catches businesses off guard is the year-end audit that accompanies every workers’ comp policy. It’s important to understand how this process works and what you can do to stay on track throughout the year.
At the end of each policy year, your workers’ comp carrier will conduct an audit to verify your actual payroll for the year. This ensures that the premiums you’ve paid align with your company’s payroll expenses. If your payroll is higher than estimated, you’ll owe additional premiums. Conversely, if your payroll is lower, you could be entitled to a refund.
To avoid surprises, it’s essential to manage your payroll estimates proactively. Throughout the year, we work with our clients to ensure that they’re paying the right amount of premium — not overpaying and essentially giving the insurance company an interest-free loan, but also not underpaying and facing a hefty bill at year-end.
The key to success is staying on target with your payroll estimates. By monitoring your payroll regularly and making adjustments as needed, you can ensure that your workers’ comp premiums remain accurate. This proactive approach helps you avoid financial stress when the audit period comes around.
At Malone Agency, we make it a priority to partner with you throughout the year. Our goal is to help you manage your workers’ comp policy efficiently, so you’re always on track. With our guidance, you can focus on growing your business without worrying about unexpected premium adjustments.
Remember, a little attention throughout the year can save you significant headaches at the audit.
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