As your business operations change, so may your insurance premium. Additions to employee headcount, a new facility or equipment maintenance are all things that can affect the price of insurance. An annual premium audit ensures the premium you pay for coverage accurately reflects your business operations.
Let’s clarify — an audit doesn’t always mean a higher premium. It simply gives you a clear picture of your exposures while establishing the right level of coverage for your needs. Sometimes, this means a reduction.
What information is needed for an audit?
Policy premiums are based on payroll, sales and other reasonable business costs. Anticipating these costs accurately is key to ensuring your coverage is right for your business.
With an Amerisure premium audit, after the policy period is complete, your premium audit consultant will conduct an in-depth review of your operations to verify that your final premium reflects any changes in your operations from the initial estimates.
Reviewing your records
The audit process is designed to be simple and straightforward. During the consultation with your premium auditor, an accurate determination of business activities and variable exposures is gathered. This includes:
- Financial records
- Check registers and ledgers
- Tax reports and journals
- Individual and departmental responsibilities
- Subcontracted labor liabilities
Once complete, adjustments are made to ensure you’re paying the right price for the coverage your business needs today — not what it needed five years ago.
Are you ready to take control of your insurance premium? Talk to an Amerisure agency today to learn more about the premium audit process and insurance solutions for your business.
