Premium Audit Services
An effective audit partner is an important component of any company's overall business strategy. Quality audit services translate into tighter underwriting guidelines and accurate premium rates. At ORS we recognize the importance of the premium auditing function, which is why our service was designed specifically to ensure that all exposures are audited quickly and accurately. Our audit program includes:
PHYSICAL AUDITS
TELEPHONE AUDITS
QUALITY REVIEW
Benefits of a Premium Audit
A premium audit allows you to be awarded credits to which you are entitled & enables your insurance premium to accurately reflect your exposure. Many insurance premiums are based on payroll, in other words total remuneration for services performed by employees. Remuneration includes money and money substitutes, e.g. bonuses, vacation pay, wages, commissions, payment for piece work, profit sharing plans, value of board & lodging, sick pay, holiday pay, overtime and other money substitutes.
A PREMIUM AUDIT MAY REDUCE YOUR INSURANCE COSTS IF YOUR PAYROLL RECORDS REFLECCT:
- Overtime — In most states, the amount paid in excess of straight time pay can be deducted, if the excess can be verified in your records. You must maintain your records to show overtime pay separately by employee and summarized by classification of work by state.
- Division of Payroll — In general, one basic classification describes your business. However, certain classes known as standard exceptions may be broken out, such as clerical, sales or drivers. In the construction trade, a breakout of payroll between various trades is also permitted. It is the policyholder’s responsibility to keep payroll records on a time basis and to be sure that the hours in each classification are accurate. Percentages are not allowed. If accurate payroll breakout is not maintained, all payroll will be assigned to the higher classification.
- Subcontractors — Subcontractors without their own insurance coverage are treated as employees in most states. If a subcontractor is insured, obtain a copy of the insurance certificate; a written statement from the subcontractor is not adequate proof. Keep the certificate on file for the auditor to review.
Quality - It's Part of Our Job
It's simple; Audits are only as good as their accuracy. Poor quality auditing is always a waste of time and money, regardless of how inexpensive they might come. Our quality standards, however, do not stop there. We've added another level where physical audit may be subjected to a comprehensive quality check by experienced personnel. ORS is committed to deliver the high-quality services that our clients demand. At ORS, we've been providing premium audit service since our inception. We know how important a good audit provider is and what accurate, timely auditing means to your business. That's why we've taken the extra steps to ensure that our service is among the best. With extensive coverage, quality assurance and timely audit processing, we've built a service you can count on.