Getting commercial insurance can be quite a confusing process. Since no insurance company can see your business’s future, they can only estimate the premium based on your business’s historical performance. To complicate matters, these estimates are also influenced by factors other than the actual premium based on the business being insured. For example, an auditor’s bias and business classifications and business rates can compound onto a policy’s premium, potentially costing you more than you should pay. For this reason, anywhere from 25% to 50% of all business owners have been overcharged at some point during their audit process. Unfortunately, many business owners do not have the expertise or time to check and fight this.

Analyzing the Insurance Premium Audit

So, how can businesses begin checking their policies to make sure they’re being appropriately charged? New companies like AdvoQates help to remove the complexity of insurance premium auditing and take the onus off the business owners. First and foremost, they establish themselves as the primary contact for the audit, meaning that they can work on your behalf with a much shorter turnaround time. Once they touch base with the auditor, they get to work on collecting all necessary business records and analyzing all of them for possible deductions or premium deductions. Once completed, all the data is compiled and submitted to the auditor to highlight savings opportunities and to answer potential concerns.

Conclusion

Best of all, these auditor-assessor companies are able to help you regardless of the industry that your business is in. From healthcare to retail to sports teams, these companies all use the same tools as insurance companies to make sure you get the best rates. Whether you’re a mom and pop or a major chain, companies like AdvoQates are what you need for your insurance premium audits to make sure that you are not being overcharged.