Avoiding Insurance Premium Mistakes Albuquerque NM

Those workers' compensation and general liability insurance policies you're holding are really just estimates. Six months after they expire, an auditor will knock on your door looking to figure your actual premium amount. It's based on exposure or, for workers' comp, how many people you have on your payroll. The more people you have, the more “exposed” you are to risk.

Local Companies

Scrivner Financial Services, LLC
505-507-2913
6700 Natalie Ave NE
Albuquerque, NM
Wells Fargo Advisors
(505)837-5358
6501 America's Parkway NE
Albuquerque, NM
Forthright Financial Planning
505.243.2281
8210 Louisiana NE, Suite B
Albuquerque, NM
Edward Jones
(505) 896-6907
103 Rio Rancho Blvd, Suite A-2
Rio Rancho, NM
Muniz Eladio Ins
(505) 291-0624
1028 Eubank Blvd NE
Albuquerque, NM
Pratt Ryan Ins
(505) 299-0306
9998 Montgomery Blvd NE
Albuquerque, NM
Sullivan Shannon Ins
(505) 797-8456
5345 Wyoming Blvd NE
Albuquerque, NM
Johnson Shannon Ins
(505) 898-0503
6911 Taylor Ranch Rd NW
Albuquerque, NM
Dunsirn Janice Ins
(505) 830-1112
7401 Menaul Blvd NE
Albuquerque, NM
Hamlton Sally Ins
(505) 262-2621
320 Osuna Rd NE
Albuquerque, NM


Those workers' compensation and general liability insurance policies you're holding are really just estimates. Six months after they expire, an auditor will knock on your door looking to figure your actual premium amount. It's based on exposure or, for workers' comp, how many people you have on your payroll. The more people you have, the more “exposed” you are to risk. Over the course of a year, that exposure may change.

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“Insurance is typically the last thing an owner thinks of with a new hire,” says Kevin Glaser, president of Risk & Insurance Services Consulting in Oconomowoc, Wis., whose firm serves many building industry clients. “In the case of a new hire, your premiums will increase due to an increased loss exposure for the insurance company. However, if your exposure has decreased during the policy term that is audited, your actual premium will be lower than the estimated dollar amount you paid.”

To help avoid costly audit mistakes, Glaser suggests the following:

BEFORE THE AUDIT:

  • Make a thoughtful decision about who will work best with the auditor.
  • Review the prior year's audit billing statements and auditor's worksheets.
  • Gather records: payroll, sales, and cash disbursement journals; general ledgers; Social Security reports; and state unemployment tax returns.
  • Review payroll documents to make sure records include breakdowns of wage types by employee, department, and class code.
  • Have certificates of insurance documents for all trade partners.

Click here to read full article from Remodeling

Featured Local Company

Scrivner Financial Services, LLC

505-507-2913
6700 Natalie Ave NE
Albuquerque, NM
www.sfsnm.com

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Dates: 8/12/2009 - 8/12/2009
Location: State Bar Center of New Mexico
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