Insurance Audit Preparation
Do you carry general liability and workman's compensation coverage for your company? If
so, your premium was probably based upon either your previous years exposure for
non-insured subcontractor payments and payroll or an estimated amount if you're a new
business. But when your policy is renewed every year, an insurance audit precedes it. An
auditor will ask for your vendor payables and payroll records for the policy year to
determine if your exposure was over or under as compared to the premium you were
charged within your policy year. If your exposure was under, expect a refund. If it was
over, expect to be charged the difference. And...a lot of what's usually owed in excess is
due to uninsured subcontractors.
We can help you keep your insurance costs down by making sure your subcontractors
provide you with certificates of insurance and even give you an overview of those you are
paying who are not insured for which you will be accountable for during your audit.
Is your insurance policy coming up for renewal, but have no idea if subcontractors you have
paid are covered or not? Need to collect those certificates? Contact us and we'll show you
how to get it all together in the nick of time.
so, your premium was probably based upon either your previous years exposure for
non-insured subcontractor payments and payroll or an estimated amount if you're a new
business. But when your policy is renewed every year, an insurance audit precedes it. An
auditor will ask for your vendor payables and payroll records for the policy year to
determine if your exposure was over or under as compared to the premium you were
charged within your policy year. If your exposure was under, expect a refund. If it was
over, expect to be charged the difference. And...a lot of what's usually owed in excess is
due to uninsured subcontractors.
We can help you keep your insurance costs down by making sure your subcontractors
provide you with certificates of insurance and even give you an overview of those you are
paying who are not insured for which you will be accountable for during your audit.
Is your insurance policy coming up for renewal, but have no idea if subcontractors you have
paid are covered or not? Need to collect those certificates? Contact us and we'll show you
how to get it all together in the nick of time.
