- 10 Tips for a Smooth and Speedy Premium Audit
- Case Study: Ensuring an Accurate Final Premium
- Insurance Cost: Calculating Workers Compensation Premium
- Insurance Cost: Understanding Premium Audits
The idea of an audit doesn’t appeal to most people.
Even the simple word “audit” has a negative connotation. After all, what good could possibly come out of an audit? Does the IRS ever give money back on an audit?
Fortunately, an insurance premium audit might be the one type of audit in this world that doesn’t necessarily mean doom and gloom. Instead, premium audits are designed to guarantee that business owners only pay the premium they truly owe rather than a premium based on the estimated figures provided when their insurance policy was issued.
While this could mean that your premium will increase if information was missing or your actual payroll or sales figures were more than the estimated figures initially provided, it could also mean more money in your pocket if those figures were less than the estimated amounts.
A recent audit of a new Society Insurance policyholder—a restaurant in a major metro area—resulted in a credit on both policies: $725 on workers compensation and $1,000 on liability.
Get full details on the situation and solution in this case study.
The experienced auditors at Society Insurance help you understand the process and ensure that you only pay what you deserve.