Premium Audit

What is a Premium Audit?

Premium audits are vitally important. A workers' compensation audit determines the final premium for an insurance policy, and the data collected during an audit is later submitted to rating organizations, such as NCCI and independent bureaus. This information is used in developing experience modifiers and loss costs.
 
Workers’ Compensation premiums are estimated prior to the start of a policy and are based on expected business operation and payroll information. To ensure these figures are accurate and classifications remain appropriate, all workers’ compensation policies are subject to an audit to determine the actual premium. The audit takes estimated payroll and converts the policy premiums, so they are based on actual payroll. Audits are required by workers' compensation law and the obligation is noted in every policy AmTrust writes.

Get started by learning more about Premium Audit on our Frequently Asked Questions (FAQs) page.


 

Online Audits

Completing your audit online is a faster, easier alternative to mail audits. All AmTrust Workers’ Compensation policyholders who are eligible for a mail audit can complete their audits via our updated online portal. Insureds need to be registered for AmTrust Online to do their premium audit online. Registration is quick and easy via Amtrustfinancial.com in the login dropdown menu.

Our new online portal makes the required workers’ compensation premium audits faster to complete. The online portal offers:
 

• Easy login
• Intuitive interface
• Policy information prefilled
• Secure data transmission
• Automated calculations, not estimates
• Fewer processing errors
• Faster refunds

To start the process, log in to AmTrust Online and select “Start an Audit” to begin the process. All you need to start is your policy number and zip code. When you are ready to proceed with your audit, follow the on-screen instructions to fill out each section of the form: General, Payroll, Verification, Subcontractors and Summary.

A step-by-step training video is available for you on the Insured Portal to view before you start your audit.
 

Virtual Audits

A virtual audit provides the attention to detail and accuracy consistent with that of a physical review, without the requirement of an on-site visit.  Virtual audits are conducted electronically (by phone, email, secured server) and offer more flexibility with scheduling.  By promoting collaboration between the policyholder and audit representative, audits can be completed faster and with minimal interruption to the workday. 
 
Our audit representative will contact you to explain the process and outline the information needed.  A scheduled phone interview will follow to review payroll and financial records, and to discuss business operations, employee job duties and classifications.
 

Physical Audits

Audits are sent to a third-party firm to review the insured’s payroll information for the policy period, as well as their operations to verify their premium accurately reflects their coverage. The auditor will return their summary to us to complete the audit endorsement. If your policy is assigned for a physical on-site audit, you can expect to be contacted by our audit representative after your policy expires or is canceled.