Coverage | Audits

Premium consultation ensures you’re paying for what you need.

Audit 101 

An audit is a process that reviews your financial and payroll records at the end of your coverage period. The purpose is to ensure your premium reflects your actual payroll amount.  

At Missouri Employers Mutual, we conduct audits in a variety of ways: by phone, mail, and online. We may also visit your business virtually or in person. Your company’s size and potential exposure, or level of safety risk, determine which type of audit you may receive. 

Why is an audit necessary? 

At the start of your workers compensation policy, your estimated payroll is determined based on your anticipated payroll and exposures using classification codes from the National Council on Compensation Insurance (NCCI).  

However, predicting how your business and payroll might evolve takes time and effort. Every business is unique, and changes are inevitable. Situations may arise that affect the number of employees you have. For example, adding employees to your workforce or employing subcontractors. These scenarios impact payment and the actual exposure incurred. 

Our highly trained Premium Consultants work with you to make sure you’re paying the right amount of premium for your payroll and risk exposure – nothing more, nothing less. 

Preparing for an audit 

Your Premium Consultant will ask you to prepare several documents that reflect your business operations. We recommend having these essential documents on hand for your audit. 

For policies with employee payroll, we will need business documents. This may include tax and wage statements, payroll summaries, and more, depending on your industry.

If you paid any non-employees (1099 businesses or individuals), you’ll need documentation of this work, such as an IRS 1099 form, vendor report and/or a general ledger.  

For a helping hand with your audit preparations, view our Audit Checklist for a more detailed list of audit documents. 

The Audit Process 

As a new policyholder, you may be eligible for a consultation with us during your first three months of coverage. You’ll work closely with one of our consultants to answer your questions, help you set up your records, identify your classification codes, and estimate exposure. 

Depending on your needs, this consultation can happen one of two ways: 

  • By phone: We’ll let you know which records you need before your call. Your consultant will review your documents on the phone, ask and answer specific questions. 
  • In-person: Our consultant will visit you (or company principals) to review and discuss your company’s operations and any specific questions. 

The result of each method is the same. You will receive an Explanation of Audit (EOA), which will provide you with a clearer idea of your exposures and confidence that you are paying the right amount for your work comp insurance.


Explore our Audit FAQs or contact our Premium Consultation team at 

Contact us at 1.800.422.0590.
Or schedule a consultation.