Prepare for Your Workers’ Comp Audit Before Missing Records Increase Your Premium

Your final premium is based on what happened during the policy period, not only the estimate used when coverage began. Incomplete payroll, unclear classifications, or missing subcontractor documentation can create an avoidable audit bill. Lite Speed helps Florida contractors prepare with a clear plan.

Lite Speed helps Florida contractors organize the records, identify potential gaps and approach the audit with a clear plan.

Protect Your Projects. Protect Your Clients. Protect Your Business.

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Why Audit Preparation Matters

Workers’ compensation audits compare payroll, job duties, classifications and subcontractor activity with the assumptions used to price the policy. Small recordkeeping problems can become expensive when the auditor cannot verify how labor was used.

Build an Audit-Ready File

Payroll reports by employee and state
Quarterly tax filings, including Forms 941 and Florida RT-6 records
General ledger, profit and loss statement and check register
Job descriptions and a list of the work each employee performed
Overtime records separated from regular payroll
Certificates, policy information pages or verified proof of coverage for subcontractors
Valid owner or officer exemptions, when applicable
Payments to 1099 workers and supporting contracts

Subcontractors Are a Major Audit Exposure

Without appropriate protection, a single event can create major financial setbacks and delay project completion.

Builder’s risk insurance helps contractors protect both their investment and their reputation.

How Lite Speed Helps

Reviews the audit request and organizes the response checklist
Flags missing subcontractor, exemption and payroll documentation
Helps clarify questions about classifications and reported operations
Coordinates with the carrier or auditor when documentation needs explanation
Identifies process improvements for the next policy period

FAQ

What records are commonly requested in a workers’ comp audit?

Auditors commonly request payroll reports, tax filings, accounting records, job descriptions and subcontractor coverage documentation. The exact request depends on the carrier and policy.

Can a subcontractor affect my audit?

Yes. Missing or inadequate proof of workers’ compensation coverage can affect how subcontractor labor is treated. Florida contractors should verify coverage before work begins.

Does issuing a 1099 make someone an independent contractor?

No. Tax reporting is only one part of the record. Worker status depends on the actual relationship and the rules that apply to the work.

How long does builder's risk coverage last?

Coverage generally remains in effect during construction and ends when the project is completed, occupied, or transferred according to the policy.

Protect Your Next Project Before It Starts

Get a fast quote — and a clear understanding of your risk.

Your trusted partners in construction insurance. We provide tailored solutions with proactive support to safeguard your projects and propel your business forward.

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5575 A1A South, Suite 116A
St. Augustine, FL
32080, United States

+1 954-710-8121
team@litespeedins.com