Information Needed for an Audit
Accurate records are key to determining the correct premium for your business. Here is some of the information we may request for the audit. When the audit is scheduled, we’ll let you know which of the following we’ll need.
- Audit period: Requested financial records for the period of time a policy was in effect, give or take up to 15 days.
- Payroll records: Including payroll journal and summary, federal tax reports (941s), state unemployment reports and individual earnings records. Proper records must be kept in hours and dollar amounts and totals may be needed for overtime when applicable.
- General ledger: May be used as a resource for various information.
- Sales journal: Including sales for all goods or products sold, rented, and/or distributed; service; repair and installation. Sales or excise taxes may be excluded if identified and collected separately and submitted to the government.
- Cash disbursements: Indicating subcontractors, materials and casual labor.
- 1099s: Indicating payments for commissions, independent contractors, etc.
- Certificates of insurance: Subcontractors used during the policy period for construction, erection and/or structural alteration should provide you with certificates showing evidence of insurance coverage in effect during your policy period. This includes general liability and workers' compensation. Check with your agent for workers' compensation rules in your state.
- Vehicle titles: May be requested when a commercial auto policy is being audited.
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