A Premium Audit is a comprehensive examination of a policyholder’s records and operations in order to determine the actual earned premium for the policy period. The Premium Audit verifies the accuracy of pertinent policy information such as business operations, business locations, business ownership, policy classifications, and payroll.
Why is a Premium Audit needed? the beginning of the policy period, the policy premium was estimated based on information about the business operations and payroll. Once the policy period has expired, the Premium Audit is able to verify the actual operational and payroll information for the period. The Premium Audit is completed in order to determine the actual premium for the policy period.
Topic will include:
- What is a Premium Audit?
- When is an audit performed?
- What types of audits are conducted?
- How do I prepare for my audit?
- What records will I need?
- Certificates of insurance for subcontractors
- Your audit results