Premium Audits

Premium audits are reviews conducted by insurance companies to verify the accuracy of a business’s reported payroll, sales, or other relevant data used to determine workers' compensation or other insurance premiums. These audits ensure the premiums paid reflect the company's actual risk exposure. The process involves examining financial records and work classifications, and may occur annually or as needed. If discrepancies are found, the company might owe additional premium or receive a refund. Overall, premium audits help maintain fair pricing and accurate coverage for both the insurer and the insured business.