When your policy is first set up, it is based on an estimated Payroll, but that figure commonly changes as the year comes to a close. For this reason, Insurance Companies require audits of your payroll records to verify the actual payroll used for the year. Then, they will send you a Final Audit Statement.
Your Final Audit Statement indicates any additional premium you may owe for underestimating your Annual Payroll when setting up the policy, or any credit you are owed for overestimating your Annual Payroll when setting up the policy. These adjustments are decided by the auditor during the annual audit. You should received your Final Audit Statement within three months after the completion of your Workers Compensation Policy.
Chief Insurance Solutions LLC - Expert Advisor