Washington Preparing for Your Self-Insurance Audit

• Category: Washington Workers Compensation - Official
• State: Washington
• Control #: WA-SKU-3831
• Format: PDF

Description

Preparing for Your Self-Insurance Audit Washington Preparing for Your Self-Insurance Audit is a process that provides guidance to employers who are self-insured in Washington state. Self-insured employers must complete an annual audit to ensure that the self-insurance program meets the requirements of the Washington State Legislature. The purpose of the audit is to review the employer’s experience and financial standing to make sure the employer is able to pay all claims that may arise. The audit also reviews the employer’s safety and health programs, policies, and procedures. The Washington Preparing for Your Self-Insurance Audit process includes the following steps: • Review of the employer's experience and financial standing. • Review of the employer's safety and health program, policies, and procedures. • Development of an action plan to ensure compliance with the self-insurance requirements. • Preparation and submission of the self-insurance audit report. • Review and approval of the self-insurance audit report by the Washington State Department of Labor & Industries. • Implementation of any corrective actions identified in the self-insurance audit report. • Submission of an annual renewal of the self-insurance program. Washington Preparing for Your Self-Insurance Audit also includes two different types of audits: 1) Initial Self-Insurance Audit and 2) Renewal Self-Insurance Audit. The Initial Self-Insurance Audit is performed when an employer first applies for the self-insurance program, while the Renewal Self-Insurance Audit is conducted at least once every two years.

Washington Preparing for Your Self-Insurance Audit is a process that provides guidance to employers who are self-insured in Washington state. Self-insured employers must complete an annual audit to ensure that the self-insurance program meets the requirements of the Washington State Legislature. The purpose of the audit is to review the employer’s experience and financial standing to make sure the employer is able to pay all claims that may arise. The audit also reviews the employer’s safety and health programs, policies, and procedures. The Washington Preparing for Your Self-Insurance Audit process includes the following steps: • Review of the employer's experience and financial standing. • Review of the employer's safety and health program, policies, and procedures. • Development of an action plan to ensure compliance with the self-insurance requirements. • Preparation and submission of the self-insurance audit report. • Review and approval of the self-insurance audit report by the Washington State Department of Labor & Industries. • Implementation of any corrective actions identified in the self-insurance audit report. • Submission of an annual renewal of the self-insurance program. Washington Preparing for Your Self-Insurance Audit also includes two different types of audits: 1) Initial Self-Insurance Audit and 2) Renewal Self-Insurance Audit. The Initial Self-Insurance Audit is performed when an employer first applies for the self-insurance program, while the Renewal Self-Insurance Audit is conducted at least once every two years.