POLICY HOLDER SERVICES
Are you new to the premium audit requirement of your policy? Don't worry we can help guide you through the process .
A.C.T.
Don't have the time, or do you just not want to deal with the audit yourself? Put Auditure to work for you. As long as we are not the audit firm assigned to audit your premium you can retain our services as an authorized representative thereby, allowing us to complete the audit on your behalf.
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*Contact us for pricing details as every audit is different, and cost varies.
(Audit Compliance Team)
Audit Resources & Education
Premium audit is an audit of the exposure basis for an insurance policy (i.e., payroll, sales, or vehicle count) after the end of a policy period to determine the actual (audited) exposure for the purpose of making a final calculation of the premium and premium taxes.
Think of it like your taxes. Just like your annual filing with the IRS, your policy audit is required for Work Comp, General Liability, and a few other policy types. Why? When you began coverage for your policy you provided an estimated total of the exposure (i.e. payroll estimates, expeceted Total Gross Receipts, etc.)your business was expected to represent. Your premium was based on that estimated exposure. The resason the audit is important is that it will adjust your premium to the actual exposures your business represented. IN SIMPLER TERMS it could potentially lead to a return of premium for you.
The short answer- HIGHER PREMIUMS, PENALTIES, and/or ADVERSE UNDERWRITING DECISIONS. When you do not complete the required audit when your policy ends or is canceled it forces carriers to calculate an estimated audit result. It may also lead to an Audit noncompliance penalty being assessed. This penalty is usually a significant amount and double your premium. If your carrier doesn't have the accurate exposure info (payroll, gross reciepts, etc.) the estimated audit results typically result in an additional premium being due.
What can Auditure do for you? Whatever you need. We don't only work for the carriers, we also represent policy holders that were audited by another company. If you've been audited, and you believe your audit is incorrect, we can review the details and advise you of the inaccuracies or errors that should be disputed
Audit Support Services
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New to the audit process? - The audit process can seem overwhelming at first, but it's actually fairly easy and may save you money. Don't let what you don't know cost you.
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Our reps can help you understand the audit process, the records you will need to submit, and what to expect along the way.
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Audit Dispute Review: Do you think your audit results are incorrect? With our audit dispute review we can review class codes and exposures and let you know if you have a legitimate dispute to raise to the carrier.
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An audit dispute requires specific details to be provided for carriers to consider reopening your audit. When you know what to look for you'll be able to approach issues accurately
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