Professional Premium Audit Services
Origin Specialty utilizes our own staff of dedicated and experienced professionals who are familiar with your business and can help you prepare for and navigate the premium audit process. As a Origin Specialty policyholder, you will receive fair and equitable treatment from our staff of auditors and audit reviewers. We are committed to producing audits that represent your risk exposures accurately and reflect premium levels that are appropriate. Our premium audit process conforms to uniform industry standards and our people are highly trained.
Depending on the size of your policy and the nature of your business operations, we may use the following types of audit processes to make sure that the premium you pay for your insurance coverage is fair and accurate.
Types of Audits
The size of your policy and/or the nature of your business operations will determine if an audit is required, and if so, the type of audit that will be performed. Two types of audits are defined here:
Physical Audit Process
This type of audit is performed at your place of business within 30 days of the expiration of your policy term. The auditor will notify you of the audit appointment by mail. This notification will list the insurance policies that will be audited and the records needed. It is important to immediately notify the auditor if you have questions about the records the auditor will examine or if you need to reschedule the appointment date.
Voluntary Audit Process
Within 30 days of the expiration of your policy term, you may receive a voluntary audit form by mail. It should be completed and returned immediately. The form will list the classifications as shown on your policy and the type of exposure you should report for each classification. Questions can be directed to the toll-free telephone number, fax number or e-mail address shown on the form itself.
Common Types of Risk Exposure
- Remuneration (commonly called “payroll”)
Gross sales - Total cost of your subcontractors
Records to Gather
- Federal and state tax reports
- Books of original entry (including source documents)
- General ledger
- Cash disbursement journals
- Job contracts
- Certificates of Insurance for your subcontractors
- Other information
- A comprehensive description of your business operations. This may include brochures or other promotional items describing your products and services.
- A detailed explanation of the job duties of each employee.
- Access to a responsible financial officer or representative during andafter the audit
