Insurance premium audit
Many workers compensation premiums start as estimates. The insurer sets a premium at the start of the policy from your expected payroll.
After the policy ends, a premium audit adjusts the charge to match the payroll and work that actually occurred. A partner firm can review those premiums and the audit behind them, and check whether they match your records and your policy.
Fairview Audit connects you with a partner firm. Fairview does not review premiums itself and does not give insurance advice.
What an insurance premium review looks at
The review covers workers compensation and property and casualty policies. It compares what the insurer charged with what the policy terms and your own records support.
Typical areas include:
- Payroll reported to the insurer, and whether it was split correctly between job roles.
- Classification codes assigned to your employees, and whether each fits the work performed.
- The experience rating applied to workers compensation, which compares your losses with those of similar employers and uses payroll, claims and classification data.
- Exposure measures used to price property and casualty policies.
- Treatment of payroll items that may be excluded, such as the extra premium portion of overtime pay, which some insurers handle differently from base pay.
- Credits, discounts and surcharges shown on the premium notice.
- Audit adjustments, including whether estimates and final figures reconcile.
Rules for classification and rating differ by state and by policy. A review applies them to your facts. It does not replace advice from your broker or counsel.
What you provide
Your partner firm will give you a list. Expect to gather:
- Policy documents and endorsements for each coverage line.
- Premium audit notices and worksheets from the insurer.
- Payroll records by employee and role, and payroll tax filings.
- Records of subcontractors, including any certificates of insurance you hold for them.
- Claims history and loss runs.
- Details of changes in operations, such as new services or sites.
- Correspondence with the insurer or broker about classifications.
- Contact details for the person who handles insurance and payroll.
Organized payroll records make the biggest difference in how quickly a review moves.
What happens after you submit a request
- You choose a request path and submit the form.
- The request goes to a matched partner firm, or to Fairview for manual matching.
- A partner firm contacts you to discuss your policies and its terms.
- You share the documents it asks for.
- The partner firm reports its findings to you.
- You decide, with the firm and your broker, how to raise any corrections with the insurer.
You stay involved. The engagement and any fees are between you and the partner firm. [CONFIRM: a partner firm supplies and approves whether it works with your broker]
Who this suits
This category suits a business that:
- Carries workers compensation and has employees in several job roles.
- Uses subcontractors or seasonal labor.
- Received a premium audit that changed the charge noticeably.
- Has changed operations since the policy was written.
Transportation and construction businesses often meet these questions. See Insurance premium audit for construction and Insurance premium audit for transportation and freight.
The partner firm that fits may depend on your size.
How Fairview matches you
There are three request paths: larger business, smaller business, and not sure or another need. Each has a form: larger business, smaller business or other needs. Fairview sends the request to a matched partner firm, or matches it by hand on the other path. You then talk with the firm directly. See how it works.
An independent partner firm that specializes in insurance premium audit handles this work. Fairview Audit makes the match. We do not perform the review ourselves.Who does the work
Frequently asked questions
Is a premium audit by an insurer the same as this review?
No. The insurer audits to set your final premium. A review by a partner firm checks whether that result matches your records and policy.
Do I need to change insurers?
No. A review looks at premiums you already pay.
Can a premium be corrected after the audit closes?
It depends on the insurer and the rules for your policy. [VERIFY: any dispute deadlines that apply to premium audits in your state]
Who sets the fee?
The partner firm sets it under its own terms. Fairview does not.
Related pages
- All cost categories
- Payroll and benefits plan audit
- Supplier contract compliance
- Request a professional
Tell us what you need reviewed. We match you by hand with an independent partner firm. You keep your existing vendors.Find out what you are overpaying.