What a Travelers Premium Audit Means to Your Business
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What Is a Premium Audit?A Premium Audit is a periodic review by Travelers to make sure the estimated premium established at the beginning of your policy period accurately reflects any changes in business operations that may have occurred since the policy was issued.
- Your premium is estimated based on information provided by you or your Agent prior to the start of your policy term.
- Your business may change during the policy year.
- Travelers needs to confirm that your premium accurately reflects the state of your business over the policy term.
- Comparing the original payroll estimate against your actual payroll and business operations determines if a premium adjustment is needed.
Why Is a Premium Audit Required?State regulations require Travelers to conduct premium audits of all workers compensation policies.
Your participation is essential to calculate and confirm your final premium and may prevent unnecessary audit noncompliance charges.