AUDIT PROCESSA premium audit can be a positive experience for your company and an accurate audit benefits you and your business. At BrickStreet, we are committed to producing audits that represent your risk exposures accurately and reflect premium levels that are appropriate.

DETERMINING YOUR PREMIUMYour premium is determined by the exposures (payroll and job classifications) of your business. When written, your premium is based on your estimated exposure at the beginning of the policy year. Shortly after your policy expires, your actual exposure is audited. The audited gross payroll and exposures determine the final premium.

Gross wages for workers’ compensation purposes may not be the same as payroll reported for tax purposes. Examples of items commonly used for premium computations include, but are not limited to:

• Wages• Salary• Bonuses• Vacation pay• Commission• Profit sharing• Payment for piece work• 401K and other benefit

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COMMON PAYROLL ITEMS NOT INCLUDED FOR PREMIUM COMPUTATIONS ARE:• Tips• Severance pay• Premium portion of overtime wages

TYPES OF AUDITSThere are three types of audits BrickStreet conducts; the size of your policy and/or the nature of your business operations will determine the type of audit that will be performed. No matter which type, it is important to notify us immediately if you have questions or if you need to reschedule your audit.

PHYSICAL AUDITYou may be notified of a physical audit appointment by mail, listing the insurance policies that will be audited in person and the records needed for each.

TELEPHONE AUDITYou may receive an audit notice by mail indicating the day and time we will be calling your place of business for a telephone audit. This notification will also list the records needed to conduct the audit.

MAIL AUDITYou may receive a voluntary audit form by mail, which should be completed and returned immediately. The form will consist of sections to identify the owners/officers, gross wages per employee, description for the business and any subcontract labor used.

WHY DO WE NEED PREMIUM AUDIT?A premium audit verifies your business is properly classified. We are committed to providing excellent customer service to policyholders. In return, we ask that you cooperate by responding quickly to inquiries. Failure to do so may result in additional premium or cancellation of current coverage.

DISAGREEMENT WITH THE FINAL AUDIT STATEMENTYou have 15 days from the date of the Final Audit Statement to dispute or question your audit. You should contact us in writing immediately and provide documentation to support your dispute.

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