Is Anyone Auditing Your Insurance Audits? - March 2021

By Phillip Lane, CLCS, Vice President, Insurance Office of America
Fri, Mar 19, 2021

You see, the most common root of the mistakes we find in our detailed review of General Liability and Workers’ Compensation insurance audits is in fact, miscommunication.

Miscommunication between an insured and an auditor during the insurance audit process should not surprise anyone, but what might surprise you is that most audits contain mistakes and are never reviewed again once completed. It’s my belief that auditors and insureds alike strive to make sure their audits are done correctly, but I also believe that it is unrealistic to expect the insured to be able to determine, on their own, if the insurance audit has been done correctly.

Unfortunately, most insurance brokers stay out of the insurance audit process and feel it is the responsibility of the insurance company and the insured. Accurate information and communication are two key components to completing an insurance audit accurately. It’s very important for the insured to enlist the help of their insurance broker when attempting to determine the accuracy of their insurance audits. Read More.

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