Businesses evolve which can result in new exposures, perhaps making staff changes, expanding due to increased sales, and other key factors that affect one’s insurance program. At Evans, Pires & Leonard, we provide our business clients with a policy audit review to make sure each policy in place reflects the operation and its exposures – and to make sure you are getting the maximum value for your premiums.
Policies with variable or fluctuating exposures, such as payroll, total cost, sales/receipts, and admissions have estimated exposures when written. Typically, policies such as Workers Compensation, General Liability, Garage Liability, and Inland Marine Installation Floater polices are audited. We’ll review these policies to make sure the information is accurate and you are being charged accordingly.
The audit will include a review of your business operations, as well as financial and business records. The operational review will include looking at, for example, tools, materials & processes; employee job duties; how and where product/services are delivered; a tour of the facility; etc. Financial and business records will include reviewing payroll records, sales and receipt journals, employee hire/termination dates, certificates of insurance of subcontractors, cost of hired equipment/vehicles, quarterly taxes, etc.