Why does MEM conduct premium audits?
MEM conducts premium auditsphysical examinations of policyholders business operations and financial recordsto verify reported payroll and classification information. When policyholders estimate their payroll at the beginning of a policy year, it is often impossible to foresee changes in the business, such as employee turnover. A year-end premium audit helps assure you are paying the correct premium for your workers compensation coverage. MEM will perform a review at least every three years for policies less than $3,500.
