ARTICLE: READY FOR YOUR WORK COMP AUDIT?

Overland Park, KS., August 14, 2019 - Work Comp audits can be one of the most frustrating to-do-items business owners face every year because of the amount of data insurance companies ask for - number of employees (full time vs part time), amount of payroll per employee (policy year not fiscal year), garnishments, a record of cash or tip payments, copies of the 940s or 941s, copies Certificates of Insurance for subcontract labor, etc. Having these documents in order insures and avoids the possibility of a cancellation or your rate doubling for a non-compliant audit.

As a way of “Bringing Clients Peace of Mind,” there are two feasible options on the table:

1. Build a team of experts around you

   - Hire an accountant or CPA
   - Hire a payroll company
   - Hire a Risk Management Advisor

2. If the budget is tight, you can always do it yourself
   - Subscribe to an accounting software
   - Subscribe to a payroll service

Both options have their pros/cons depending on the business owner’s level of expertise and budget. However, having a team of experts around will help business owners from making costly mistakes. You can always rely on your team for questions or advice and is a viable way that while the business owner is producing, the “back office” is doing the due diligence for the company. Is it worth losing a day or two of work trying to compile information or invest capital so that your company operations run smoother? In this digital era, a miscalculation of time can cause a loss of revenue and extra fees that can be avoided.

The JL Insurance Advisors has a dedicated team of Risk Managers, Accountants/CPA and Payroll experts whose focus is to assist, strategize and advice clients, with the sole purpose of helping them achieve their full potential and drive more value for their business.

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Media Contact:

Caleb Mitchell
Chief Operating Officer
cmitchell@jluengoinsurance.com
913-815-1690