Are We Done Yet? Strategies for a Successful Wrap-Up Closeout
Congratulations! You and your lower-tier Trade Contractors have finished all of your work on the project site. Today, we will discuss the closeout process for a Trade Contractor working on a Wrap-Up program. Each project is different, and it’s important to always start by reviewing the requirements of the program and/or the Wrap-Up manual.
Here's what you will need for your Wrap-Up closeout
- To report all your on-site payroll, through your end date
- A current Certificate of Insurance on file, with correct endorsements
- To enter your closeout details (typically through an online portal)
Once all documents have been submitted—and the Prime Contractor has confirmed you are complete—your Wrap-Up work is complete.
Performing an audit of your submitted on-site payroll
After the above requirements have been met, the program’s Workers’ Compensation (WC) Carrier may contact you to perform an audit of your submitted on-site payroll. The Carrier’s Auditor will be looking for the following types of documents to complete their audit:
- Monthly Wrap-Up Payroll Reports that you submitted to the Wrap-Up Administrator
- Notice of Work Completion Form
- Other submitted monthly Wrap-Up Payroll reports. These reports often include WC Payroll Reports, Certified Payroll Reports, or other payroll documentation that verifies your:
- Class Code/Trade
- Reportable Wages (based on the state your project is located), for on-site payroll only
- Scope of work and the start/completion dates (N/A for Maintenance Wrap-Ups)
- Total Contract Value (including change orders)
It’s important to remember that any work you perform under a Wrap-Up program will not count as exposure on your corporate insurance program(s); thus saving you premium insurance dollars.
If you have any questions about how Wrap-Ups affect your Corporate Insurance policies or how to close out of the TSIB Wrap-Up you’re on now, reach out to us today! You may also download our CIP vs. Traditional Insurance eBook below for additional Wrap-Up insights.
image credit: Gorodenkoff/shutterstock.com
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