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Preparing for your Premium Audit
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Preparing For Your Premium Audit

What is a Premium Audit?

Your insurance premium should reflect the operations of your business. Continuous change in the workplace makes predicting performance difficult. Therefore, your premium is estimated prior to your policy term. A Premium Audit is conducted after the term expires in order to determine your actual business activity.

How Does the Process Work?

An auditor representing your insurance company will contact you a few weeks after your policy expires. They will visit your office and look at your financial records. Generally, an audit should take no more than an hour or two of your time.

How is my Premium Determined?

At Central, we have simplified the rating process to eliminate confusion regarding the classification for business owners. In addition, construction employees are included in one class code, regardless of duties performed. Applicable classifications are:

What Records Will the Auditor Want to Review?

What Can You Do to Prepare For the Audit?

The most time consuming portion of the audit is determining who your subcontractors were, what they were paid, and locating their Certificates of Insurance. If these records are well organized, your audit time is greatly reduced.

What if I Have Questions?

Contact your agent, or e-mail Central's Premium Audit Department at You can also call 1-800-486-0640.

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