Members purchasing workers’ compensation coverage will soon receive communication regarding the 2024-2025 payroll audit.
Each year, payrolls are audited at the end of the year to help ensure your entity is paying the right amount for the right coverage. Workers’ compensation premiums are initially based on estimated payrolls. The audit compares the estimated payrolls to the actual payroll for that year, which may be lower or higher for a variety of circumstances.
Once the audit is complete, payroll is reconciled, and monies will either be returned or billed.
To determine employee class codes, members may utilize the Workers’ Compensation Classifications for Political Subdivisions guide.
Audits may be conducted in person, electronically, by telephone, or by mail. As in past years, Wilkinson Insurance Services will be conducting physical, electronic, and phone audits on our behalf.
Any questions regarding the audit process can be directed to your coverage specialist at msrs@vrsa.us or 800-963-6800.