Isn’t the word “audit” the absolute worst? The IRS and government personnel are usually the first persons who come to mind when thinking about financial investigations. On the other hand, an insurance audit is a separate process and far less terrifying than an IRS audit.
Innova Investments, LLC is the leading insurance auditing firm in Hilton Head Island and Bluffton, South Carolina. With our expert team and cutting-edge technology, we can identify any flaws in your company’s policy that could be losing you money! So us for all your insurance auditing needs today !
Contact Innova Investments, LLC At 843-951-9555 Now!
What You Need To Know About Insurance Audits
What Is An Insurance Audit?
An insurance audit is the carrier’s way of determining how much risk they insured over this past year. Of course, the company would have undergone a drastic change, and your policy was in effect. Still, several factors determine what premium you pay for general liability and workers’ compensation coverage – including self-reporting on projections such as sales or payroll numbers to them.
Why Is It Necessary To Conduct An Insurance Audit?
Premiums for workers’ compensation and general liability insurance are determined using estimations of expected insurance exposure (such as payroll, revenues, sales, units, and so on) over the policy period. At the end of the policy period, an audit ascertains the actual insurance exposure during the policy period. The final premium is calculated using the fundamental premium basis, not the predicted premium basis, and the appropriate classifications and rates that apply to the firm and the work performed throughout the policy period. The premium will be adjusted based on the current information.
Is It Necessary To Audit An Insurance Policy?
The majority of liability insurance policies have constantly been audited. However, for various reasons, not every corporation checks all liability policies.
Your general liability policies, as well as the contracts of your employees, must be audited once the policy’s term has expired. When checking your policy documentation, you’ll see that several conditions include Payroll or Premium Audit, which indicates that you should prepare for your company’s audits. Accepting the policy signifies your consent for your carrier to conduct a records review to verify your premium charges. Typically, audit periods are once a year; however, your carrier’s discretion may differ. As long as your policy term is active, you have the option to conduct an audit at any time.
How Do You Audit Your Insurance Successfully?
Once your account has been assigned to an auditor, you must complete a few tasks. First and foremost, provide your auditor with your contact information. If you aren’t in charge, ensure your trusted person has access to essential documents, including payroll, sales numbers, personnel information, and tax forms and returns. Prepare enough supporting documentation for each piece of data to provide better results. Because of the greater cooperation, the reviewing process is more accurate and less time-consuming for all parties concerned.
Please request a copy of your auditor’s worksheets once they’ve been completed. Of course, you must use the products provided by your carrier. As a result, going over your materials gives you the best idea of figuring out the payrolls and classifications.
Frequently Asked Questions
Is It Necessary To Do An Insurance Audit?
If you’re a business owner, you should know that insurance audits are not only vital, but they may also help you keep your premiums in check! Commercial insurance policies such as general liability, garage liability, and worker’s compensation are included in insurance audits.
How Frequently Does Innova Investments, LLC Conduct Insurance Audits?
At Innova Investments, LLC, we generally audit once a year, although some policies are audited every third year.
Auditing is completed within 90 days of the policy period’s end date so that we can incorporate any premium modifications into your premium paying cycle.
The Best Insurance Auditing Firm In Bluffton, SC
Innova Investments, LLC is a renowned insurance auditing firm in Bluffton, SC. Our Insurance Audits in Bluffton SC services are powered by a world-class client experience, streamlined technology, a deep commitment to thoroughness, and robust quality control.
Contact us to set an appointment for the Best Insurance Audits in Bluffton SC and receive a no-obligation price for an insurance audit or other financial services!
We Also Offer Payroll Services
Payroll is an integral part of every company’s operations. It is your responsibility as an employer to guarantee that your employees are adequately compensated and on time. Your obligations can be quite burdensome, from keeping track of hours worked to calculating staff salaries.
Innova Investments, LLC is a proud South Carolina payroll firm providing highly customized, quick, and efficient payroll solutions to businesses of all sizes. We work with every sort of company, whether it’s a start-up or an established one. However, in comparison to other payroll businesses, we recognize that each company is unique. As a result, we take great effort in listening to and understanding your various demands to build highly customized services that perfectly match your expectations.