HELP! I GOT AN INSURANCE AUDIT NOTICE

Got an insurance audit notice in the mail? 

No need to panic. We’re here to walk you through what an audit is and how to handle it.

An audit just means your insurance company is reviewing your policy to make sure you have the right coverage and premium amount. It's not because you did anything wrong or suspicious. Phew!

Did you ask for a policy review?

Probably not, but certain Commercial policies require that an audit be done when your policy ends.  The goal is to make sure you're not overpaying or underpaying based on any changes in your business over the past year. For example, if you hired more employees or grew your sales, you may need more coverage now. No biggie, the auditor will catch that and adjust your premium accordingly.

For the audit, the insurance company may ask for payroll records, sales numbers, tax docs or contractor agreements.

Just round up the info and provide what they need. Easy peasy!

The end result of the audit could be:

*A premium refund if you overpaid upfront.

*An Invoice for the additional coverage that was required.

Either way, you end up with the perfect amount of coverage for your business. Not too much, not too little. Goldilocks would approve!

So take a deep breath and don't stress. The audit is a friend, not a foe. It ultimately protects you and your business. Just gather the paperwork they need and you’ll breeze through it.

If you have questions about the audit process or would like a review of your completed audit, contact us for details on how we can assist you.

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Your source of information on Insurance Premium Audits.