What does it mean if my audit is "estimated"?

If you're notified by your insurance carrier that they performed an estimated audit, this means that they were missing some information as they were working on your audit. The estimated audit is based on an estimated amount of payroll rather than actual payroll run.

This estimation tends to be higher than your actual payroll run. The carrier can also add on fees for non-compliance.

In some cases, a third party will reach out to perform the audit, and it’s important that you respond to them. (If you have any questions about the legitimacy of the company contacting you about your audit, you can get in touch with us, or the customer support at your insurance carrier to verify that it’s legit.)

The good news is, if you’re able to supply the missing info, your carrier will reopen your audit using the correct information (instead of estimates), which might change the result.