A premium audit is the process of identifying the proper classifications and the actual exposures that apply to the policy term. There are different methods used to perform a premium audit. Your carrier determines the type of audit to be performed.
A physical audit consists of a trained professional scheduling a visit to your business location and conducting an interview to become familiar with the operations.
The auditor will examine the books and records necessary to develop the exposures applicable to each classification. Finally, the auditor will develop a final audit report which is used to determine the final policy premium.
A physical audit consists of a trained professional scheduling a visit to your business location and conducting an interview to become familiar with the operations.
The auditor will examine the books and records necessary to develop the exposures applicable to each classification. Finally, the auditor will develop a final audit report which is used to determine the final policy premium.
Category: FAQS
A premium audit is the process of identifying the proper classifications and the actual exposures that apply to the policy term. There are different methods used to perform a premium audit. Your carrier determines the type of audit to be performed.
A physical audit consists of a trained professional scheduling a visit to your business location and conducting an interview to become familiar with the operations.
The auditor will examine the books and records necessary to develop the exposures applicable to each classification. Finally, the auditor will develop a final audit report which is used to determine the final policy premium.
A physical audit consists of a trained professional scheduling a visit to your business location and conducting an interview to become familiar with the operations.
The auditor will examine the books and records necessary to develop the exposures applicable to each classification. Finally, the auditor will develop a final audit report which is used to determine the final policy premium.
Physical Audit
A physical audit is a review of the policyholders operations and records to determine the actual exposure for the policy period. Our audit staff will help the policyholder prepare for the audit by providing a detailed list of records and other documents the auditor will need to examine during the audit visit.Fusion/Virtual Audits
Fusion or Virtual audits are similar to a physical audit, with the exception that all the records and interviews takes place remotely. All records and information the auditor needs to examine are transmitted to the auditor using various electronic methods. Similar to a physical audit, an initial interview as well as a final interview/review is conducted with insured by phone.There will still be an extensive interview as there is with a physical audit, except it will be conducted by phone.
Telephone Audits
Telephone audits consist of a form being sent to the policyholder requesting they prepare specific information and a date in which the auditor will call the insured to obtain the information via telephone. The information provided by the insured may lead to additional questions from the telephone auditor.Once the information necessary to complete the final audit is obtained, the telephone interview is concluded and the auditor develops a final audit report.
