Learn About The Business Insurance Audit Process
Alright guys! I know you’re just itching to get into it so. Let’s talk about the audit process! Your workers’ compensation insurer will likely initiate the audit process soon after your workers’ compensation policy expires.
You may receive a letter from your insurer or a phone call from the person assigned to conduct your audit. Premium audits are conducted as either physical audits with an assigned auditor or self-audits. Self-audits are completed by you online, by email, or by mail. Physical audits will be conducted with an Auditor by phone, virtual or on-site at a conveniently scheduled time. The date should be far enough into the future that you will have adequate time to collect the information the auditor will need. Ask the auditor to provide you a summary of the data he or she will require to perform the audit.
Note that your assigned auditor may or may not be an employee of the insurer. Some insurers maintain an in-house audit department staffed with their own employees. Others outsource the audit function to an independent auditing firm. The process should be the same regardless of who is conducting the physical audit.
See our third video on business audits.