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One of the many questions we get asked by our commercial clients is, “Why do I get audited every single year by our insurance company?”  An audit is simply the opportunity the insurance company takes to look back at the previous policy term in order to determine what happened in your business.

Under your General Liability coverage, you have one or many classifications associated with your business.  You are charged on the basis of those classifications—sales, payroll, units, or even acreage.  If your business grew, then there are additional exposures for which you were not charged by the insurance company.  If the opposite happened and you had a slower year with less sales or perhaps a smaller payroll, then you are due a refund from your insurance company on your General Liability premium.

Therefore, communication between you and your agent is critical so that you understand your various exposures.  As a result, we highly recommend that, at least once a year, those exposures are discussed with your agent so that you can be best prepared for your next audit.

This is Malcolm Brooker with the Brooker Insurance Agency, and that’s Making Insurance Work!

Posted 4:35 PM  View Comments

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