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What is a premium audit?

April 26, 2017audit Premium

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What is a premium audit?

8 Answers

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A premium audit is our means of obtaining information to determine the actual payrolls, sales or other variable information that is used to calculate your insurance premium.

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A.) A premium audit is the review of an insured’s business records to confirm and verify the correct premium base for a certain policy period. Auditsare conducted to determine the actual payroll, sales, or other exposure used to calculate the final premium for a policy period.

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A premium audit is a report of the findings from an examination of the insured s operation, records, and books of account to determine the actual exposures for the workers compensation insurance provided.

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A Premium Audit is a systematic inspection of an insured, their operations, financial records, and books of account to determine the actual earned premium for insurance coverage provided during the policy term. It’s important that the insurance carrier maintains accurate information concerning business operations, as well as financial data to the risk’s line of coverage. This ensures that the premium calculated is reflective of the line of insurance coverage being provided.

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A premium audit is a means of obtaining information to determine the actual payrolls, sales or other variable information that is used to calculate the insurance premium.