Only pay for the insurance you need with a premium audit

A businessman meets with a client. At Grange, we understand that your insurance needs change over time. That's why we offer several options and discounts to keep your business covered at every stage.


Premium audit

Whether you're a seasoned business owner or just opening the doors to your new business, you may not understand what a premium audit is or why you need to complete it. A premium audit is a requirement of all insurance companies. It helps us understand your current business needs and ensure you're paying for the right insurance coverage. Our audit is easy to complete, so you can focus on growing your business. Watch this short video to learn more about our audit for business insurance.

Common questions about premium audit


A premium audit for business insurance reviews your financial records and operations to determine the correct premium amount for your policy.



Workers’ compensation policies are audited every year. General liability policies are always subject to audit but may be audited less frequently.



Our audit partner will provide you with a checklist and instructions in the audit request letter.



Payroll
  • Payroll reports
  • 941s
  • Quarterly state unemployment filings

Sales
  • Income statements, sales journal, etc.

Subcontractors
  • Disbursement ledgers such as check register, general ledger, etc.
  • Certificates of Insurance


The premium audit is a requirement of all insurance companies and is part of your policy conditions. If you do not complete the review, it may result in an Audit Noncompliance Charge of two times the estimated annual premium of your policy.



When your audit is processed, an audit statement is created. This will be mailed directly to you.


Documents you may receive for your premium audit

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Premium Audit Statement

This document will show the adjusted premium on your policy as a result of the audit. This statement replaces the audited policy’s declaration page and lists the policy’s risk exposures by classification, rate and final premium. The premium audit statement impacts your billing account and invoicing, but is not an account invoice or “bill.”
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Premium Audit Worksheet

This is the auditor’s report. It explains how the auditor determined the classifications and exposures listed on the Audit Statement described above.
An account invoice attached to a clip board.

Account invoice

This invoice shows the status of your billing account. It will include premium changes from the audit, as well as other policy charges and payments for all of the policies listed on your account.

Premium audit vendors

We use a vendor for most audits. You may receive a request from one of the following organizations: A green icon of a pile of paperwork

Accelevant PremiumAudit

Davies Risk Services




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Your independent agent is here to help. Call your agent today with questions and to learn more about premium audit.  




Coverages described herein may not be available in all states. Please contact a local independent Grange agent for complete details on coverages and discounts. If the policy coverage descriptions herein conflict with the language in the policy, the language in the policy applies. The material provided above is for informational, educational, or suggestion purposes and does not imply coverage. WE RESERVE THE RIGHT TO REFUSE TO QUOTE ANY INDIVIDUAL PREMIUM RATE FOR THE INSURANCE HEREIN ADVERTISED. Grange Insurance policies are underwritten by Grange Insurance Company, Trustgard Insurance Company, Grange Indemnity Insurance Company, Grange Insurance Company of Michigan* and Grange Property & Casualty Insurance Company*. *Not licensed in Pennsylvania