Below is a summary of questions that are frequently posed to our agents and customer service personnel. If you have a question about your Workers Compensation policy, you may be able to find the answer that you are looking for, below. Of course, if you don’t find your answer, you can always call your agent or contact Companion at 800.845.2724.

Q.) How do I pay my insurance premium?

A.) Companion offers three ways of making payments on your insurance premium:

1.) When you first purchase your policy from Companion, your agent may offer you an opportunity to pay your premium via an electronic check. The agent will request your bank routing number and account number to complete the transaction. Funds are withdrawn from your bank account on that day – just like a debit card or ATM transaction.

 

2.) Whenever you receive an invoice from Companion, you may pay it via  electronic check by logging on to our website at www.companiongroup.com . Click on the area called "Customer Corner" and select "Billing Inquiry/Electronic Payment".

 

You will be required to enter your policy number and password. If you have never signed in before, go to the "Sign-Up" section and follow the on screen instructions to obtain a password.

 

Once you have signed in, follow the on screen instructions to make an electronic payment. Once again, remember that it works like an ATM or debit card. Once you make the payment, the funds will be drawn from your checking account that day.

 

3.) Of course, you can always pay your premium via a traditional, paper check. Simply include the remittance stub of your invoice with your check and mail them both to the address shown on the invoice. Be sure to write your policy number on the check. Also remember, with paper checks always allow for at least five days of mail time, to insure that Companion receives your premium prior to the due date and to avoid any risk of cancellation for non-payment of your premium.

 

Q.) I have received a notice from Companion, telling me that my policy is subject to a Premium Audit and that I am being audited? What’s this about? Why is it necessary?

A.) Workers’ Compensation policies and many Liability and Garage Automobile policies are written with estimated exposures: payroll, sales, cost, the number of admissions, etc.  These exposures are known as the Basis of Premium.

The basis of premium is audited because the policies provide for an adjustment of the premium according to the exposures actually covered during the policy term.  At the beginning of the policy term, an estimated premium is calculated, based upon the amount of payroll, sales, cost or units and the type(s) of work being performed by the company.

After the policy term is completed (or if the policy is cancelled mid-term for some other reason), the insurance company will perform an audit to see if additional premiums may be owed, or if a return premium is owed to you.  It all depends upon whether the basis of premium grew or diminished during the year – and if the business classifications used to estimate them were correct.  If additional premium is owed, you will get an invoice for that amount.  If money is owed to you, you will receive a refund check.

Q.) What information will I need for the Premium Audit? 

A.) Typically, based on whatever the basis of premium is, the premium auditor will ask to see original and verification records for payroll, sales and/or units.  Payroll books, sales journals, cash disbursement journals and check books are examples of original sources. General ledgers, federal or state withholding tax reports, income statements, and Schedule C’s are examples of verification sources.  The auditor will also ask to see Certificates of Insurance for any sub contractors that are used in the conduct of your business.  Uninsured subs are included in the basis of premium, based on the labor cost paid to them.  And finally, the auditor will ask to speak with someone of authority and company knowledge, so the proper classification of the business and employees can be determined.

Gross Payroll, before reduction for pre-tax benefits, is used to calculate the "Payroll" basis of premium.  This is increased by non-monetary remuneration received, such as housing or meals and decreased by exclusions such as Premium Overtime, Tips, and Severance pay.  Records should be set up to show these items separately, so the proper exclusions can be given.

Gross Sales is used to calculate the "Sales" basis of premium.  Gross Sales will be reduced if it includes Returns, Allowances for damaged or spoiled goods, Finance Charges for goods sold on installments or Sales or Excise taxes remitted to a government entity, as these items are not part of the premium basis.  Bad debts, inter-company sales, and other discounts and allowances are included.

Q.) How do I get the information to Companion?

A.) In most cases, we will send an auditor to the policyholder.  An appointment will be set up in advance via telephone or mail notification.  Simply have the records available when the auditor arrives and arrange for a secure work area where the audit can be completed.  The auditor will make copies of whatever supporting documents are needed.  Copies of the auditor’s worksheets are available for the policyholder’s review upon request.

Some policies, based on size and complexity are self-audited and may be handled in one of two ways.

1.) Mail-Form or Voluntary Audit - We will ask you to complete a questionnaire and mail it back to Companion with some supporting records.

 

2.) Telephone Audit – A Premium Auditor will conduct a brief phone interview to determine the scope of the operations and will request copies of certain records be mailed or faxed for use in completing the audit.

Q.) I have misplaced my most recent invoice or never received it. How much do I owe on my insurance policy? When is it due? Can I print a statement?

A.) You may call your agent, who will be able to obtain this information electronically, from our website. Or, you can obtain the information from our website yourself, by logging on to www.companiongroup.com . Click on the area called "Customer Corner" and select "Billing Inquiry/Electronic Payment".

You will be required to enter your policy number and password. If you have never signed in before, go to the "Sign-Up" section and follow the on screen instructions to obtain a password. Once you have signed in, follow the on screen instructions to obtain prior payment and current balance information. The system will offer you the opportunity to print a copy of your billing and payment history, for your records.

Q.) I forgot to mail my payment. Is there a grace period?

A.) Companion is not able to offer a grace period for receipt of insurance premiums. If you have not yet reached the due date but are concerned that you no longer have sufficient time to mail the payment via regular mail, you may make an electronic payment by following the instructions for electronic payment, above.

If you are past the due date, it is likely that your policy has already been cancelled. Contact you agent for assistance.

Q.) Do you accept credit card payments?

A.) Companion does not accept credit cards as a form of payment for insurance premiums, at this time. As outlined above, however, we do accept electronic checks, drawn on any US bank account.

Q.) What does this policy cover?

A.)Contact your insurance agent for answers to coverage questions. Insurance agents are licensed professionals who are trained in the details of different types of insurance coverage. They are the most well equipped person to answer these types of questions, and they already know your insurance profile, including what deductibles may apply, what other policies may be applicable to your situation and what your potential exposure to loss may be.