Get Premium Audit Report - Chesapeake Employers Insurance Company

A premium audit is a review of your company's sales and payroll to make sure you paid the appropriate premium for the insurance coverage you needed over the policy period.

If you fail to comply with your insurance audit, you will suffer adverse consequences. Carriers can legally charge you up to three times your annual premium for a non-compliant audit. If you don't perform your workers' compensation audit, it will negatively impact your experience modification factor.

Insurance audits exist to ensure you have paid the correct cost of insurance based on your level of risk—no more, no less. These audits make certain that your premium is appropriate and adjust it if not.

The Premium Audit Reviewer I is responsible for reviewing and processing premium audits and for interpreting results for application to current policies. Responsible for a detailed review of audits to ensure accuracy and compliance with National Council of Compensation Insurance (NCCI) & State guidelines.

An audit is an examination of your operation, records and books of account to discover your actual insurance exposure, including premium basis, classifications and rates that apply, for a specific period of time coverage was provided.

An insurance audit is most frequently initiated through an official letter notifying the practitioner of the payor's intent to conduct an audit. This notification will often include a records request, which will allow the payor to review a sample of your records and other documentation.

A general liability insurance audit examines your business' payroll and risk exposure. An audit makes sure you're paying the correct amount for general liability insurance, and that you're getting the right amount of coverage for your business.

Your insurance company will begin the audit process upon policy expiration. Most audits are completed within 90 days of your policy expiration. Promptly providing the requested supporting documents to your insurer may expedite the process. Your insurer will provide an explanation of your audit results.