A common topic of discussion is the workers’ comp audit. Either through the horror stories of friends or self experience, you’ve heard the terrible tale of the large comp audit. You’re now keenly tuned in to the payrolls and exposures on your work comp policy vowing never to let this happen to your organization again (or ever)!
Perhaps you’ve even transitioned to a “pay as you go” program to virtually eliminate the chance of an audit bill.
But… and there always seems to be a but. What about your liability policy? While you find yourself plugging the holes in one area, don’t forget the GL policy is often an auditable policy like the WC. Don’t make the mistake of assuming that since you’ve notified your carrier or broker of accurate payrolls for the workers’ compensation policy, those same updates translated to your liability policy! You might be surprised to learn otherwise and we already know, that’s rarely a good thing.
Keep track of your liability policy exposures just as you do on the WC!