Understanding Your Insurance Bills: Tips & Takeaways

December 13, 2023

As an insurance policyholder, you may regularly receive statements that include terms or other line items that seem unclear. Knowing what to look for within your invoice can help policyholders and carriers ensure that business owners are receiving the protection they need for their crucial assets.

Looking for Bill Basics

Most insurance premium invoices will include a summary or cover page that includes:

  • Policy name and number
  • Pay period, statement date
  • Effective date and year
  • Premium installments
  • Balance due and due date

The bill, which is often sent monthly or quarterly, should also include the U.S. Postal Service mailbox address for payment, and a phone number to reach out to your insurance company or a representative. Depending on the policy type, some premium invoices will include a list of endorsement transactions, which may be split over more than one bill if the amount is over a certain threshold. If an invoice was not paid on time previously, or was overpaid on the last bill, there may also be a balance forward.

Understanding Policy Terms

It’s important to note that the policy period and statement date on an insurance invoice may reflect the month prior. For example, a policy billed on November 1st could reflect the October billing period. Some invoices may include information on what is known as the aggregate, or the entire program the company has purchased (for example, both commercial auto and Workers’ Compensation insurance). Invoices may also include information on deductibles, including any deductible reimbursements.

Checking All Included Documents

The policy summary page will show policy information and effective dates – but some additional details may be found elsewhere within the invoice packet. Be sure to check over the claims detail pages, which will indicate which claims had any change in losses. The loss detail section may also indicate previously billed amounts, exposures, and claimant details.

Providing Payment

Today, many insurance carriers offer several channels for policyholders to review and pay their invoice. This can include emails from their credit representative, by paper mail, and through online pay systems. Be sure to send the entire packet, including the invoice, to your accounts payable team. If your company has recently conducted an audit, you will receive paperwork outside of the invoice for this activity.

Connecting with Your Agent or Representative

Your insurance agency should also receive a copy of documentation for the insurance plan, including issuance information, program type, and number/type of installment payments. Insurance agents will contact policyholders regularly regarding the terms of renewal and any needed changes to their plan. On Amerisure invoices, the Credit Representative’s name and number is listed on the invoice. Please contact your insurance agent or Amerisure representative for any questions about your insurance bill.