A general liability insurance audit examines your business’ payroll and risk exposure. An audit makes sure you’re paying the correct amount for general liability insurance, and that you’re getting the right amount of coverage for your business.
An audit ensures your business has the right amount of general liability insurance coverage. Your business can change a lot from year to year. For example, if your sales increase, you may have to hire new employees to help with increased demand. Or, you may have downsized around the holiday season, so you had fewer employees at the end of the year. In either case, you may need to adjust your coverage amount based on the changes to your business.
The word “audit” may sound stressful, but don’t panic. At the beginning of the year, you pay a certain amount for general liability coverage. If you’re asked to go through an audit at the end of the year, an auditor from The Hartford reviews your business’ payroll and other documents to determine if the premium you paid was accurate.
A general liability audit looks at:Having the necessary documents and information can make for a smooth audit. Some documents you may need include:
If you’re notified of an insurance audit, it’s important to send your insurance company any documents or information they ask for. Completing a general liability insurance audit, or any type of insurance audit, ensures you’re paying for and getting the right amount for coverage.
Be aware that if you don’t complete an insurance audit, your insurer can:Choosing the right policy and coverages is important and can help you run a successful business. We’re backed by more than 200 years of experience and know every small business owner has unique needs. Our specialists are here to help you every step of the way. So if you need help completing a general liability insurance audit or have any other questions, we’ve got your back.
