Premium Audits

A premium audit involves the process of calculating the final insurance premium, as when the policy is issued, the premium is an estimate. The premium is originally calculated based on an exposure (typically payroll or sales) and multiplied by a specified rate.

At the end of the policy term, a premium audit examines the actual records to determine the final premium. Typically, a premium audit results in a change in the premium, which translates to a bill or refund for the insured.

Premium audits are commonly performed on General Liability, Liquor Liability, and Worker’s Compensation policies.

Selectsys will run a report of Expired/Cancelled/Non-Renewed Policies and perform premium audits in a timely fashion. As they are a high priority, Selectsys will connect to your carrier’s website, pull the audit documents, and perform the necessary tasks in your applications. We will then send them to your agents/insureds along with the invoices generated. We will send follow-up emails if required and help you to collect any additional premiums.