How to Read an Insurance Audit Worksheet: A Florida Contractor’s Guide

When you receive an insurance audit bill, the number at the bottom is the result of a calculation that spans multiple pages of a document called the audit worksheet. Most Florida contractors never ask for this document \u2014 and that is exactly why they end up overpaying. The audit worksheet is your roadmap for understanding and disputing your bill.

How to Request the Audit Worksheet

Contact your insurance broker or the carrier\u2019s audit department directly and request the complete audit worksheet for your policy period. You are entitled to this document. Ask for it in writing and keep a copy of your request. If the carrier is slow to respond, escalate through your broker.

The Key Sections of an Audit Worksheet

Payroll by Classification: This section lists every NCCI class code used in your audit, the payroll assigned to each code, and the rate applied. This is where you check that every employee is in the correct code and that payroll is properly segregated.

Subcontractor Schedule: This section lists every subcontractor the auditor identified, whether a COI was on file, and how much of their payroll was included in your audit. Any sub without a valid COI will appear here with their payroll added to your exposure.

Excluded Payroll: This section shows what payroll items were excluded from the audit. Check that overtime premiums, benefit contributions, and expense reimbursements were properly excluded.

Premium Calculation: This section shows the final math: payroll by code, multiplied by the rate, multiplied by your experience modifier, plus any surcharges or credits. Check the arithmetic.

The Most Common Errors to Look For

In our experience reviewing Florida contractor audit worksheets, the most common errors are employees assigned to the wrong class code (especially clerical staff classified as field workers), subcontractor COIs that were submitted but not credited, overtime pay included at full value instead of applying the overtime exclusion, and simple arithmetic errors in the premium calculation. Any one of these can result in a significant overcharge.

If you have received an audit worksheet and need help interpreting it, Audit Monkey offers free audit worksheet reviews for Florida contractors. Contact us before you pay.