The premium audit process is designed as a service that guarantees you only pay the premium that you owe. Premium audits help to calculate the premium that a business owner truly owes rather than a premium based on the estimated figures provided when the 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, it could also mean more money in your pocket if those figures were less than the estimated amounts.
Premium audits are typically conducted after the policy expires or is canceled. In addition, the premium audit can provide valuable information about your business operations.
Here are answers to the five most common questions concerning premium audits. (more…)