Mission Statement

"Our mission is to create peace of mind and build enduring relationships."

Bob Lancaster Insurance's mission statement is the core of our culture. Our customers always come first, and we strive to provide them with the products and service that best respond to their needs. Building trust and fostering loyal, long-lasting relationships are the essence of who we are and fundamental parts of our company values.

Putting our mission statement to work

Our employees work hard to connect with our customers on a very real and personal level. Find out what Bob Lancaster’s mission means to them and how they carry it out every day.

Bob Lancaster Insurance, serving Florida's insurance needs since 1964. Contact us today at 321-725-1620 - see what we can do for YOU and YOUR BUSINESS!

Wednesday, January 8, 2014

Work Comp Wednesday - Things You Should Know about Premium Audit

How to prepare for an audit
Here are some of the documents your auditor will need for the policy period being audited.  Additional records, including bank statements, may also be needed for your auditor to accurately determine your payroll.

*  State unemployment quarterly payroll tax reports, including 941s
*  Cash disbursements journal
*  General ledger (posted to date)
*  Certificates of insurance (if subcontractors were used)

Also, be sure to provide the following information for the audit period:

*  Overtime - If you paid overtime to your employees, your records must show the overtime pay separately by employee.  Be sure to also summarize the overtime pay by classification code.
*  Split of classification - If an employee's classification code can be split, you must have the employee's time separated by the hour.  It cannot be separated by percentage of time worked.
*  Subcontractors and contract labor - If you use subcontractors or contract labor, please have all certificates of insurance and payroll records available for the audit.  If you are unable to provide evidence of insurance, you must pay the workers' compensation premium for that uninsured labor.  Also remember that paying employees by 1099 does not necessarily make them an independent contractor, and you may be subject to paying premiums on them. 

Premium audit fraud can cost us all
Did you know that employers who do not pay for state-mandated work comp insurance, or pay less than they should, are committing fraud?  This can include underreporting payroll, intentionally misclassifying workers, paying workers cash "under the table" or calling employees subcontractors.

Whenever and however it happens, insurance fraud costs everyone.  The Coalition Against Insurance Fraud estimates that nearly $80 billion in fraudulent claims are made in the U.S. 

Premium fraud warning signs
*  Certificate of insurance with inaccurate data
*  Cross-outs, white-outs or erasures on documents
*  Number of employees, classifications and payroll are inconsistent 

If you have any questions or need assistance just call us

Contact us for all your Insurance needs! (321)725-1620
Bob Lancaster Insurance
Serving Florida since 1964

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