Frequently Asked Premium Audit Questions
A premium audit is required of all Workers Compensation and many other business policies. The audit is based on the time your policy was in force. The results of your audit are reported among other policy data to state rating bureaus to support accurate loss cost development and experience modifications for your business.
Premium audits enable customers to:
- Pay the correct premium for their coverage
- Understand the proper classification for their type of risk/business
- More accurately predict annual premium
Note, failure to comply with the request for a premium audit may result in an audit non-compliance charge, an estimated audit and/or cancelation of your policy.
In most states, corporate officers are included, but can be excluded from coverage by having the appropriate officer exclusion endorsement added when the policy is issued.
Owners, partners or members of an LLC may or may not be included depending on state rules.
Your auditor can provide you with your state’s rule.
I received an estimated audit, can I request an audit to have this revised?
- Yes, please contact the Premium Audit department.
Can you send an auditor out to complete a revision audit?
- All revisions are completed from our Home Office after we receive the appropriate supporting documents. If you have any specific audit questions please reach out to your auditor or contact Westfield Premium Audit.
Why do I need to send in additional documentation and reports to have my audit revised?
- Additional documentation will help support and facilitate your audit revision request. All documentation should be accompanied by accounting records which support the figures you provide.