IF YOU HAVE QUESTIONS ABOUT THE AUDIT PROCESS…
YOU HAVE COME TO THE CORRECT PLACE.
Have you received an audit Notice Letter?
The Audit Store has been asked to perform your audit by your Insurance Carrier. If our company is new to you, then please feel free to verify ‘who we are’ by reaching out to your carrier or insurance agent. If this is your first time completing an insurance premium audit… know that with a little organization, it is a fairly simple process. If you have any questions, please reach out to your auditor (and/or) agent along the way. We are here to help you, and have even provided some Frequently Asked Questions below.
Please confirm your appointment with your assigned auditor. Your auditor will request the types of records needed for the audit, and how these reports should be organized.
Submit your records
It is often helpful to provide your records in advance of the audit. Early submission will reduce your time involved. Please ask any questions of your auditor during this process.
Once your auditor has your records in hand, they will begin writing up the audit. They may have questions during this process. Upon completion, they will contact you for a brief exit interview.
Frequently Asked Questions
We hope these common questions will help you find the answers you are looking for. If they do not, please check with your auditor.
At the beginning of your policy period, you provided estimates for a premium basis that were used to calculate your insurance premium. Basis can be based on payroll, sales, number of employees among other things. Your audit determines the actual amount during the policy period.
All audits need a Description of Operations, a list of your officers with percentage of ownership and duties, and contact information. All other audit information is different depending on the premium basis. Audits can require payroll, 941 quarterly reports, gross sales, subcontractor information, tax records, number of admissions and other data related to your policy. The letter you received should help narrow down the information required for your audit.
In your contract with your insurance carrier you have agreed to comply with an audit of your records during your policy period each policy period. As many things can change year to year, your insurance carrier might want to perform an audit year to year.
The insurance carrier still has the right to perform an audit of the policy period, even if the business is under new ownership, no longer in business or no work was performed during the policy period.