Establishing a Budget for Your Insurance Coverage

Irving Weber Associates

Assessing the insurance needs of your business is important to select an appropriate coverage option. Many business owners find that determining a budget in advance is a helpful way of going about this process. Some events, like workers compensation claims, can be difficult to predict in advance. To give yourself a general idea of the costs associated with this type of insurance scenario, it can be helpful to establish a workers compensation audit checklist.

Create a Checklist

The experts at Irving Weber Associates have provided some useful information for creating your checklist. The most important task to complete in advance is contacting an auditor and setting up a time to conduct the assessment. After this, other key tasks to focus on include:

  • Prepare and organize relevant documents
  • Focus on actual gross payroll
  • Review classification codes

Ask for Documentation

After the auditor has visited your workspace, you need to ask for copies of the reports. The report will have an in-depth breakdown of the way that your payroll was utilized to determine the overall cost of insurance and other pertinent information.

In order for you to protect your business from the unknown risks of the future, there are several key steps to take. Take time to have your business audited for specific risks and it will help give you a clearer understanding of the costs associated with insurance.