Premium Audit

At Acadia, the premium audit process is a critical step in ensuring your policy accurately reflects your business's true exposures. We strive to make this process as straightforward as possible, so you pay the correct premium.

What is Premium Audit – and Why it Matters  to You?

At the end of your insurance policy term, we conduct a premium audit to so that you pay a fair and accurate premium based on your actual business activity – not just estimates made at the start of the policy.

The process is especially important for policies like workers compensation and general liability, where your premium is based on factors like payroll, sales, or job classifications.

Types of Premium Audit

To accommodate businesses of all sizes and complexities, Acadia utilizes different types of premium audits.

Mail Audit

For smaller, less complex risks, a mail audit is a common method. You will receive a request by mail to submit specific documentation, such as payroll records (like Federal 941s and payroll summaries) and subcontractor information.

Phone Audit

For some accounts, a phone audit may be conducted. An auditor will contact you by phone to review your records and discuss your operations. This provides a more direct interaction while still allowing for flexibility in providing the required information.

You can always request a virtual meeting with one of our audit professionals to walk through the process and answer any questions.

Affiliated Vendors

Acadia partners with trusted third-party auditing firms to assist with our premium audit process. If you receive correspondence from one of these companies, please be assured they are partners working on our behalf.

Accurate Payment Audits
Harraseeket Information Providers
NEIS
Insurance Audit Services

Helpful information to prepare for your Premium Audit

Your independent Acadia insurance agent is a valuable resource. They can help you understand the audit process and guide you on what information will be required.
Maintaining clear and organized records throughout your policy period is crucial. This includes payroll records, subcontractor payments, certificates of insurance for subcontractors, and other financial documents. Organized records can significantly speed up your audit.
Collect valid certificates of insurance (COIs) from all subcontractors you utilize. This is critical for properly classifying their payroll and avoiding additional charges to your policy.
Responding promptly to an audit request is vital. Ignoring the audit can result in non-compliance charges, potentially increasing your premium significantly. We encourage open communication and are here to work with you.

FAQS

For most audits, we will request payroll records, such as Federal 941s, a payroll summary, and job duties. If you utilize trade contractors, please also have their certificates of insurance (COIs) readily available. Additional records may be requested based on your business.
Premium audits are a standard condition of most auditable policies (like workers compensation and general liability). They ensure that your business pays a fair premium based on your actual operations and exposures during the policy period.
It's crucial to respond to your audit requests. Failure to provide the necessary information can result in a non-compliance charge, which may lead to a significant increase in your premium. We encourage you to communicate with us if you have any difficulties.

Audit Contacts

General Inquiries

For any general questions about the premium audit process or to check the status of your audit, our team is available to assist you. We aim to respond to emails within 48 hours. Contact us at [email protected] or 1-866-957-3135.

Help Desk

For technical assistance related to submitting documents or accessing audit-related resources, our help desk can guide you.

Premium Audit

What is Premium Audit – and Why it Matters  to You?