For policyholders
Complete your annual premium audit
At the end of each policy period, MEMIC conducts a premium audit to determine your final earned premium. Your audit notice explains what type of audit applies to your policy and what information you'll need to provide.
Get started
- 1
Review your audit notice
Your audit notice tells you which audit method applies to your policy and outlines any documentation you need to provide.
- 2
Gather payroll records
Collect payroll records, employee wage information, Federal 941 forms, and any additional records requested in your audit notice.
- 3
Submit your information
Your audit notice will identify your audit type and whether you can complete it online, by mail, by phone, or through a scheduled onsite or virtual audit.
- 4
Review your results
Once your audit is complete, you'll receive information about your final earned premium and any resulting premium adjustment.
Audit types
What type of audit do I have?
A MEMIC Staff Auditor will schedule an appointment at your place of business.
During the visit, the auditor will:
- Review payroll and financial records
Discuss your business operations
Tour your facility
- Verify classifications used to calculate premium
Some audits are completed remotely with a MEMIC Staff Auditor.
Documents typically requested include:
- Payroll reports for the policy period
Federal 941 forms
Section 125 deduction totals, if applicable
A list of current corporate officers, owners, or LLC members
For this audit type, you'll complete a Policyholder Report and provide supporting payroll documentation.
Please answer all questions completely. If a question does not apply to your business, enter "N/A."
You may be asked to provide:
- Quarterly Federal 941 reports
- A payroll spreadsheet showing employee earnings during the policy period
- A completed audit form
Some policies qualify for a waived audit. In these cases, MEMIC uses the estimates from your policy as the final audit figures.
Eligibility is based on factors such as policy history, prior audits, premium size, payroll consistency, and the use of subcontracted or casual labor. Construction risks are not eligible for waived audits.
If your audit is waived, your audit notice will explain whether any action is required.
Notification
Working with subcontractors?
If your company hires uninsured subcontractors, you may be charged additional premium at the time of your final audit to account for this exposure. Because subcontractor rules vary by state, The MEMIC Group strongly recommends the following best practices:
- Obtain a valid Certificate of Insurance from each subcontractor, showing active workers’ compensation coverage.
- Maintain written contracts that clearly outline the scope of work and responsibilities.
- Keep detailed records of payments made to subcontractors, including a breakdown of labor and materials, if applicable.
During your final audit, your auditor will request this documentation. Maintaining these records may help you avoid additional premium charges related to subcontractor exposure.
After the audit
Request a review of your audit
If you believe the information used in your audit should be reviewed, complete and submit the Audit Dispute Form.
Download and complete the form, then follow the submission instructions at the bottom of the form. Whenever possible, we ask that the policyholder submit the request directly.
Please keep in mind that a review request for a prior policy period does not change installment or CAYG payment obligations for your current term.
Need help?
Contact MEMIC audit support
Whether you're preparing for an audit or reviewing your results, our Audit team can answer your questions and help you understand what's needed.