Oh, that dreaded audit. It comes once a year, but is never looked forward to, and if you're a builder or contractor, it is imperative that you keep your payroll and books correct through the year to make the audit process as smooth as possible. Did you know in the State of North Carolina, if you are found non -audit compliant you cannot acquire Workers Compensation through any company in the State until the audit is complete? Additionally, any uninsured workers and/or subcontractors that you hire throughout the year can be considered on your payroll and pushed onto your insurance policy during the audit process. What does this mean for you? Well, to be blunt, you may have 30-60 days to pay for their insurance while working for you throughout the year. It can be costly and the insurance bill usually requires immediate attention. Don't be caught in this scenario. Below we share a great link from "The Insurance Answer Guy" regarding the audit process which will hopefully provide more information concerning the process. Read all about it here!
Here we will be publishing articles, tips and information regarding insurance on a regular basis. Make sure to tune back in to see our first blog very soon!