Generally, you will be asked to provide various information, including but not limited to payroll reports, check registers, cash disbursements journal (which encompasses subcontractors, casual labor, and material costs), as well as Certificates of Insurance. Additionally, you will be requested to provide tax documents that serve to validate figures obtained from the primary source. Please note that the precise documentation needed may vary depending on your individual circumstances and the requirements of the audit. It is important to closely follow the instructions provided by your premium auditor to ensure a smooth and accurate audit process.

The need for multiple documents arises from the auditor’s requirement to cross-reference and validate the information provided. The primary source of information is typically the payroll reports, which are reviewed and compared against figures documented in tax forms to ensure accuracy. In addition, the auditor may examine additional data sources such as checkbook records, cash receipts, and the general ledger to identify any payments not captured in the payroll records. It is important to note that these documents are solely utilized for the purpose of conducting the premium audit.

Yes! We will need to examine your tax documentation, which may include forms like Federal 941, State Unemployment Wage reports (SUTA), 1099s, 1040c (Schedule C), 1120, 1065, and other relevant forms. It’s important to note that your records are treated as confidential and are exclusively utilized for the completion of the premium audit. To get an idea of the specific documents and records required for your particular policy type, please refer to the Required Documents section, as the necessary items may vary depending on your policy type.

If your quarterly tax reports do not align with the duration of your policy, please submit either your last four filed quarterly reports or your most recent annual tax report. We will carefully reconcile the information provided, ensuring that we can reconcile it to our satisfaction by utilizing the last four filed quarterly reports.

Please inform your Agent or Producer about the situation. It is possible that your policy will require endorsement to accurately account for the new exposures. It’s important to note that certain states may not be eligible for inclusion in your policy for assigned risk coverage. For further details, we recommend reaching out to your Agent, Producer, or a representative from your insurance company.