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Ask the Expert – Audit

Q: HISTORICALLY, A PREMIUM AUDITOR HAS CONTACTED ME TO CONDUCT A PREMIUM AUDIT AT MY BUSINESS. THIS YEAR, I WAS ASKED TO COMPLETE FORMS TO RETURN BY MAIL. WHY DID THE AUDITOR NOT SCHEDULE A VISIT THIS YEAR?

A. Policies can be audited in several ways. At CompSource Mutual, we have three types of audits.

Read on to learn more about the premium audit process.

1. Field Audit

For a Field Audit, one of our auditors will schedule an on-site visit to review the policyholder’s records. Field Audits can take place at the business or the office of the policyholder’s accountant or bookkeeper.

2. Mail Review Audit

With the Mail Review Audit, CompSource Mutual mails the policyholder an audit packet to fill out and return along with supporting documentation. This can be a very easy and time-saving alternative to a Field Audit.

3. Interim Audit

The Interim Audit is a quarterly or semiannual on-site visit scheduled by CompSource Mutual to review the policyholder’s records. These are informational audits and are not typically billed. While the Field Audit and Mail Review Audits serve the same purpose, the decision on which type CompSource Mutual uses for each business is based on several factors specific to the business.

Need more information? Contact our Premium Audit team at (800) 347-3863 or visit our Premium Audit page.

Disclaimer:

This article is provided solely as a reference tool to be used for information purposes only. The information in this article shall not be construed or interpreted as providing legal or any other advice. The information material does not amend the provisions of any insurance policy issued by CompSource Mutual. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy provisions, and any applicable law.

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