Estimated versus actual exposure
Policies are often priced using estimated payroll and business activity. A premium audit checks actual records for the completed policy period.
Records to organize
Prepare payroll summaries, employee classifications, quarterly tax forms, general ledger records, profit and loss statements, subcontractor payment registers, and certificates of insurance.
Document the reasoning
When a record is incomplete, note the reason, the responsible person, and the next action. A visible issue log is easier to resolve than an unexplained folder of files.