Insurance Audits
Received an Insurance Audit Notice? Don't Sweat It, Start Here!
Navigating insurance audits may seem daunting, but we're here to simplify the process for you. We will work closely with you to ensure a smooth experience.
Please send your request and the audit documents to info@myrccagency.com. If you did not purchase your policy through RCC, the audit documents should be in your email.
Important Notice: If the insurer requires tax documents or profit and loss statements, additional charges may apply. Your agent will inform you in advance and provide guidance.
The Two Types of Audits You Need to Know
1. Preliminary Audit: Get Set for Success
This early check-in occurs about three months after your policy kicks off. It's the insurance company's way of verifying that all the information you provided – from your payroll to your business activities – is accurate. Think of it as a health check for your policy, ensuring that your coverage starts on the right foot.
2. Premium Audit: The Year-End Review
Once your policy period wraps up or if you decide to cancel, the premium audit takes the stage. It's a comprehensive review to align the premiums you've paid with the actual risk your business posed. This is your opportunity to adjust and ensure your payments reflect your business's reality accurately.
What's the Big Deal with Insurance Audits?
When you snag an insurance policy, be it workers' compensation or general liability, you’re entering into a promise. You promise to be upfront about your business, like your payroll and the nitty-gritty of your operations. The insurance company, in turn, promises to have your back. But how do they make sure everything’s on the level? That’s right, audits.
Skipping an Audit? Think Twice.
Not too keen on participating in an audit? Well, it’s not just a "nice to do" – it’s a must. Ignore the request for an audit, and you could find yourself in hot water. Think cancellation of your policy, difficulty renewing, and a headache trying to get new coverage. Simply put, it’s not worth the risk.
When the Numbers Don’t Match
Found yourself in a pickle because the audit uncovered discrepancies? If the audit shows that your numbers don’t quite match up, you’ll be on the hook for the difference. It’s all about keeping things transparent and fair.