Premium Audit Types
A premium audit is a review of your operations and financial records to ensure that your premium accurately reflects your business’s risk exposure during the policy period. The audit may adjust your premium based on actual exposure, operations, and payroll for the coverage period.
Email/Voluntary Audit
This streamlined audit process simplifies the reporting requirements for your business. Upon the policy period expiration date, you will receive an email with an attached form to fill out and return to us. This form will ask for total actual exposure, including payroll and/or worker hours data.
What You Need:
-
Complete the audit form that was attached to the audit request email.
-
If your state’s regulations require, provide additional information based on hours worked rather than payroll.
-
Submit the completed form to [email protected] within 45 days as per your policy’s terms.
Hybrid Audit
This more comprehensive audit is conducted by Berkley Premium Audit Services, a Berkley business that specializes in premium audits and shares our commitment to delivering exceptional service. Upon the policy expiration date, their auditors will contact you by email. You’ll be asked to provide copies of source records, such as payroll disbursements, and may also have a phone or virtual interview to discuss your business operations in more detail.
What You Need:
-
Copies of quarterly Federal 941/State SUI forms.
-
Job descriptions for employees to ensure correct classification.
-
Be prepared for an interview by audit staff to discuss operations and employee duties.
Questions?
If you have any questions or need further clarification throughout the audit process, please do not hesitate to contact us at [email protected]. Our team is here to support you and ensure that your premium audit is conducted as smoothly and efficiently as possible.