Insurance Audits.......Ever Had One?

[rwcarpet]

I've had business insurance since 1988, and had always been told that I could be audited. Well, I had one today. Nothing bad, just wanted to know my income and if I had any employees - full or part time - and if they were being paid by payroll check or 1099. Wham, bam, thank you RW. Less than 5 minutes, and not painfull at all.

 

[Desk Jockey]

Every year.

In good years I have to pay more, in bad they give me back some of the over estimated sales premium.

Its a lose.........lose proposition.

 

[bob vawter]

wait till ya get the full IRS audit.......
they make Richards colonoscopy
look lik making it to first base!

 

[Shane Deubell]

Yes, every year.

Usually we just send over payroll/revenue info and thats it. 1x they did show up to check more thoroughly.

 

[rwcarpet]

My audit was by phone call. They sent me info on the info I would need, and just read it off to the auditor.

 

[J Scott W]

No audit for the first 3 years. Then an audit every year after that. As Richard says, usually I had to pay but sometimes I got a few dollars back. Knowing how to properly categorize employees for workman's comp saved many dollars.

 

[Mark Saiger]

Been audited by all the above mentioned! Work comp audit just happened 3 weeks ago. IRS audit about 8 years ago. Work comp the easiest as my accountant did it all.

Mark Saiger

 

[Desk Jockey]

Yea I've had the Feds twice and the labor once. Feds cost me 5K the first and 3K the second but the second time she found enough from past year that that we didn't take advantage of so in the end it almost zeroed out.

$700.00 for allowing my son to work more hours than he was supposed for his age. I told her my dad had me as a slave, I worked 40-plus hours at the same age, the difference is we are a corp and my father wasn't. I filed a protest but it got shot down so I had to pay the $700.00. She was here for a week and that was all she could come up with.