These premiums are based upon wages paid by your organisation.
Included in wages paid would be:
Auditors are engaged by the insurers to from time to time verify your declarations.
We are often asked what basis do they choose the targets for audit from. Whilst there is no clear cut basis, invariably if you have not lodged an annual declaration, the likelihood of you being audited is increased.
The principal risk factors that cause problems for Workers Compensation premium assessment during an audit relate to the latter 2 dot points. It is not possible to fully define all the issues to be addressed in this article. Needless to say, it would be in your interests to have your annual declaration of actual wages confirmed by us.
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