The world of insurance can be a very confusing place for the everyday person and basic insurances such as car insurance. However, for businesses seeking commercial insurance, it can become increasingly complicated very quickly. Not only do you need numerous documents to attain the insurance, but you also need to present these documents every time during your periodic audits. This can be quite a lot for a new or heavily preoccupied business, especially when you consider that these audits determine the policy’s premium. So, what goes into the cost of a commercial insurance policy?
Firstly, payroll and cash disbursement records are analyzed for all employees and subcontractors of the business. Then, all tax records on both the federal and state level must be gathered for a comprehensive view of gross sales, income statements, corporate returns, and cash receipts with monthly totals by source. Lastly, ironically enough, is certificates of insurance for worker’s compensation and general liability insurance. After receiving all of this, a final audit is conducted by the company to see if you get a credit or bill based on their estimate.
As aforementioned, this can be an incredibly tedious process for a business owner to do on their own. Fortunately, insurance premium audit companies like AdvoQates offer a team of experts who do the heavy lifting for you. They establish themselves as the primary contact for the audit, speeding up turnaround times and reducing miscommunication errors. Then, they gather all the necessary documents, review it for any possible deductions or exemptions, compile the findings, and send it off to the auditor. This not only ensures you get the best rate for your insurance, but speeds up the process by preemptively any question an auditor may have. Regardless of what kind of business you own, companies like AdvoQates are the best way to make sure your audit is properly taken care of.
