 INSURANCE RAA |
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| What is Business Insurance Audit? |
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An audit is an examination of your operation, records and books of account to discover your actual insurance exposure for a specific period of time coverage was provided. Exposure means your payroll, receipts or sales, units, number of employees, or contract cost. The audit is done to obtain insurance rating information only. This information is not used by federal, state or local government to calculate taxes. We intend audit information to be kept confidential. More often than not, a large majority of commercial insurance is based upon a percentage of your sales and/or payroll for the year that the policy is effective for. Soon after your policy expires, you will be asked to provide a voluntary report from your sales/payroll records, or a field auditor will physically come in and review your bookeeping. Basically, this indicates that the preliminary premium you are quoted is simply an estimate of your actual cost. You may encounter insurance agents who "lowball" your premium to make it seem that you're getting a deal. Unless you can confirm the actual percentage and payroll or sales figures being used, you may find some time later after the service year that you owe a large additional premium. The insurer and agent have done their part and now it is your turn to pay up. Majority of the time, insurance companies collect these premiums with ease, on the legal side, it is in their favor. On the other side of the spectrum, your actual figures are less than what is used to determine your initial premium. In this case, you should seek a refund. Article by: Insurance Finder Tags: business insurance information general liability insurance business insurance checklist business insurance glossary business insurance training business insurance form business insurance definition business insurance policy professional liability insurance business insurance terms business insurance types business risk audit business insurance forms business insurance umbrella business insurance companies risk management insurance commercial insurance business insurance construction liability insurance business insurance contractor business insurance management business insurance property business insurance sample audit risk assessment audit risk audit policy business insurance plan underwriting insurance audit risks security audit risk management audit business management business analysis iso audit business insurance requirements audit plan information audit audit assessment workers compensation insurance training audit audit procedures insurance companies broker insurance compliance audit audit standards definition of audit audit companies process audit environmental audit general insurance premium insurance insurance risk audit management information technology audit insurance policy insurance policies insurance claims business companies business industry audit report business information technology insurance coverage audit checklist audit guidelines fire insurance safety audit audit sample |
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