Preparing for Your Premium Audit
Why Premium Audits Are Conducted:
Audits confirm actual payroll and operations after the policy period ends to determine the correct premium.
Types of Premium Audits:
- Preliminary Audit: At policy inception for new policyholders.
- Interim Audit: Quarterly or semi-annual adjustments.
- Cancellation Audit: When a policy is canceled.
- Final Audit: At policy expiration for annual reconciliation.
How to Prepare:
- Have a knowledgeable representative available.
- Gather these documents:
- Year-to-date payroll register
- Federal 941s and RI DET-TX-17s
- 1099s and 1096
- Cash disbursements journal
- Sales journal
Additional documentation may be required for subcontractors, independent contractors, or temp agencies.
For more information visit www.beaconmutual.com/premium-audits