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How does an audit work?

2/26/2016

 
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​When the policy is issued or renewed the premium is based on estimates provided before the policy begins. At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures.

​Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for audit estimations.

At the end of the policy period if your estimates were too high then you were charged too much premium and therefore will be refunded, and same applies if you estimated too low then you would be charged more. 

And it's as simple as that! 

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  • Home
    • News
  • Contact
    • Client Testimonials
  • About
    • Our team >
      • Christi Whalen
      • William T. Zimmer
      • Greg Zimmer
      • Dave Hinkley
      • Carla Stauffer
      • Alex Zimmer
      • Jodi Newman-Schliefert
      • Betty Piper
      • Blake Sears
      • Karen Brhel
      • Shauna Randall
      • Shannon Aikman
      • Shannon White-Michener
    • Our Partners
  • Services
    • Personal Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Homeowners Insurance
      • Renters/Condo Insurance
      • Personal Watercraft
      • Umbrella Insurance
    • Commercial Insurance >
      • Property Insurance
      • Business General Liability
      • Business Auto
      • Worker's Compensation
    • Life Insurance
    • Health Insurance
    • Retirement Plans
    • Group Insurance
  • Payments/Claims
  • Blog
  • Insurance 101
  • Legal Statements
  • Holiday Closing Schedule