Premium Audit

New 2022 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 2022, corporate officers and LLC members who elect coverage are subject to a minimum annual payroll of $950 per week and a maximum payroll of $3,800 per week. Partners and sole proprietors who elect to be covered will be included at a flat amount of $49,100 per year, or $4,092 per month.

EMAIL AUDIT DEPT

Premium Audit Department

Monthly Payroll Reporting

If you have your monthly payroll reporting done by the 15th of each month, you get an extra 2.5% discount.  Please have your reporting done by the 25th of the month to avoid late fees.

Reporting should include W2 gross wages, contract labor, and any uninsured outside labor.

Do you have a project that there are employee duties that do not appear to fit within the classifications currently on your account?  Please call us so we can discuss proper classification for the work being done.

The Annual Audit

Your annual audit may be conducted in person, via mail, or virtually via our secure website.   The auditor may be Builders Trust staff, an audit consultant, or an auditor from Lowry and Associates.

The following information will be needed to complete your audit:

  • Payroll summary, detailed listing of all employees and wages.
  • Federal 941 quarterly reports, Federal 940 FUTA report, NM SUTA quarterly reports.
  • Form 1096 and all corresponding 1099 forms.
  • A detailed vendor list for all outside labor paid, subcontractors, and contract labor
  • Certificates of Insurance for all subcontracted services.

Please call our Premium Audit department at 505-345-3477 or 1-800-640-3369 if you have any questions.

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.