Insurance premium audit

State regulations require us to conduct premium audits of all workers compensation policies. Premium Audit As your business operations change, so may your insurance premium. The premium audit process is designed as a policyholder service that guarantees you only pay the premium that you owe. When your policy was issue the premium was based on estimated figures.

At Nationwide, we see conducting a premium audit as a necessary step in keeping your business’ insurance at the right level.

When a new policy or renewal is originally set up, the premium paid is based on an estimated amount of exposure, such as payroll or gross sales. The primary purpose of a premium audit is to calculate your final premium. If at anytime during the policy period your payroll or operations change, please contact your insurance agent to discuss possible changes that should be made to your workers compensation policy. If your audit is in-person please have records available and accessible to the auditor at the site of the audit.

It is not required to print the documents. If you are completing your premium audit online or on paper, you may need information from your source documents to input into the form. You are required to submit verification documents.

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At the end of the insured’s policy term, an audit professional will contact them to perform a review of their operations, records and books of account. The audit process is designed as a service to you that guarantees you only pay the premium that you owe. Based on the outcome of the premium audit , an adjustment may be made resulting in either an increase or decrease to their deposit premium. Our goal is to assess and collect the premium amount that fairly and accurately represents your proper risk exposure – no more and no less. With information obtained from the audit to accurately reflect the state of your business over the policy term, your carrier can properly adjust the premium for your policy.

Depending on your state and policy type, audits can be required by state insurance regulations and are common industry practice. IAS) is a leading provider of premium audit services and solutions to the PC insurance industry. Insurance Audit Services , Inc. We have a dedicated staff of full time auditors, an outstanding record of service, a veteran ownership group, and offer leading technology solutions.

It is a condition of the contract, the policy, that you provide the necessary information and documentation or allow us to examine your records and documents to complete the audit. The goal of the audit is to assess if your insurance premium accurately represents the proper risk exposure and premium. We want to make the audit process as simple as possible. To quickly and securely submit your audit material, please follow the steps below. We initially charge premium based upon estimated payroll at the beginning of the policy term.

To ensure these figures are accurate and classifications are appropriate, all workers’ compensation policies are subject to an audit to determine actual premium. What is an insurance premium audit ? An insurance premium is based on estimated exposures provided at the inception of the policy.

As required by the conditions within your policy, the insurance premium audit is. It helps us to understand your current business needs and to make sure you’re paying for the right insurance coverage. Our process is simple to complete, so you can focus on growing your business. We perform an audit to ensure you have paid no more or less than the appropriate premium for your exposure.

An accurate audit is a benefit to you and your business and could save you time and money. Small businesses are required by insurance carriers to have a premium audit at the end of your policy period. They ensure you paid the appropriate amount for your workers compensation insurance and are routine and relatively quick. An insurance audit is the carrier’s way of determining how much risk they actually insured over the past year.

The company could’ve undergone a drastic change over that whole year your policy was in effect. Several factors determine the premium carriers charge for general liability (GL) and workers comp insurance.