Insurance audits verify payroll, revenue, and classifications.
Why Audits Matter:
- Incorrect reporting leads to additional premium
- Over-reporting may lead to return premium
What Carriers Review:
Workers Comp:
- Payroll
- Classifications
- Subcontractors
General Liability:
- Revenue
- Operations
- Subcontractor exposure
Common Issues:
- Misclassified employees
- Missing subcontractor COIs
- Inaccurate revenue
How to Prepare:
- Maintain clean records
- Track subcontractors
- Review classifications annually
- Work with your broker before audit
For audit preparation help, contact Prosperity North Advisors.