Premium Audit

New 2021 Officer Limitations

Each year the State of New Mexico revises the officer / owner payroll limitations, impacting the cost of workers’ compensation coverage for company owners and officers. For 2021, corporate officers and LLC members who elect coverage are subject to a minimum annual payroll of $46,800 and a maximum payroll of $182,000. Partners and sole proprietors who elect to be covered will be included at a flat amount of $45,900 per year, or $3,825 per month.

Please call our Policy Administration Department at 505-345-3477 or 1-800-640-3369 if you have any questions about owner or officer coverage.

EMAIL AUDIT DEPT

Premium Audit Department

NOT EVERY PREMIUM AUDIT IS THE SAME. BELOW ARE SOME OF THE WAYS BUILDERS TRUST WILL CONDUCT YOUR PREMIUM AUDIT

You may be asked to complete a mail audit. With a mail audit, no one will show up at your workplace to conduct the audit. Instead, you will be provided with documents that you will need to complete and send back to the Builders Trust Premium Audit Department.

You may be asked to participate in a virtual audit. With a virtual audit, you will be contacted by an auditor who will work with you to complete the audit. In this case, you will simply discuss your business operations with the auditor and then provide them with the necessary documents that are needed. Documents are typically exchanged electronically via a secure encrypted site.

You may be asked to participate in a physical audit. With a physical audit, you will be contacted by an auditor who will request to meet with you at your location. In this case, you will simply discuss your business operations with the auditor during your meeting and then provide them with the necessary documents that are needed. Documents are often provided in advance via a secure encrypted site, however a physical meeting still takes place.

Contact Us

Builders Trust is very knowledgeable of how to assign NCCI classification codes as well as implement industry premium audit standards. Should you have any questions or concerns regarding class code usage or wish to address a premium audit issue, please don’t hesitate to contact our Audit Department for assistance.