How to Save Money at Audit Time

Want to save money on your insurance? We're right there with you. That's why we've developed this handy checklist to help you make sure you're saving all you can.

Obtain Certificates of Insurance

Use subcontractors? Make sure you have their current Workers' Compensation and Liability Insurance certificates. These prove that the subcontractor is an independently established business.

Make Deductions

Depending on your state law, you may be able to deduct costs such as:

• Overtime pay
  If you pay overtime at time-and-a-half, one-third of this amount is considered "premium overtime" and is deductible. If you pay double-time, half of this amount is deductible.
• Restaurant or banquet tips
• Dismissal or severance pay
• Unanticipated bonuses
• 125 plans
• Business-expense reimbursements
• Sales tax
  For general liability policies rated on a sales basis, you may deduct sales taxes that you collect and submit to a governmental division. Other deductions may be applicable.

Maintain detailed records

Does your business require your employees to change duties in more than one payroll classification? Make sure your payroll records reflect the hours and wages the employee spent working in each classification. This can provide your company significant savings.

Questions?

We're happy to help. Please contact your Safeco agent or the office nearest you or send us e-mail.