What is an Insurance Premium Audit
What is an audit?
Insurance audits are typically performed on commercial insurance policies which have adjustable or variable premium bases. When you purchased your policy you paid a deposit premium based on your best estimate of those bases and at the end of the policy period the final premium base must be determined. This process is called a Premium Audit.
By auditing these policies, insurance companies see that all businesses pay their fair share. In addition, the Premium Audit provides valuable information on your business operations and allows you to have personal contact with a representative of your insurance company. This entire process is designed as a service to you that guarantees that you pay only the premium that you owe.
When will the audit be done?
Soon after your policy expires (or is canceled), normally within 10-20 days, you will be contacted in regards to completing the Premium Audit.
How will the audit be done?
It is necessary for the auditor to ask questions about your records and the business operations. If you cannot be present, it is extremely important for someone to be available that is familiar with the specifics of your entire organization and the job duties of all of the employees. If you direct the auditor to an outside accountant, he or she will obtain as much of the necessary information from them as possible, but will likely still have to speak with you for additional information.
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