Premium Audit
A more precise process.
When a policy expires we believe the holder should only pay premium for their actual exposure; that’s why we ensure the audit process is as accurate and easy as possible, with multiple methods to choose from, all conducted with open communication, candor and respect.
Voluntary Audit
Through CopperPoint's self-audit service, policyholders will receive a login to our secure Policy Web Interface (PWI). They can answer a few simple questions and upload the necessary information and documents. Alternatively, there is an option to use paper forms, which can be submitted by mail or fax.
For more complex policies or those with a higher Estimated Annual Premium (EAP), a phone audit may be required. This process involves submitting the requested documents as mentioned earlier. Afterward, a Premium Auditor or Vendor Partner will conduct a follow-up call to verify the information, request additional details if needed, and answer any questions.
Virtual/Physical Audit
This hybrid approach to auditing combines traditional methods with modern convenience. The Auditor reaches out via phone or email to request essential records, and the policyholder is then granted secure login credentials to our protected Policy Web Interface (PWI) for easy document uploads. For added flexibility, policyholders can also choose to send records through email, mail, or fax.
If required, your auditor may request a face-to-face meeting. During this visit, an experienced Field Premium Auditor or Vendor Partner will thoroughly examine all pertinent information, ensuring nothing is overlooked. This on-site review fosters clear communication and detailed understanding of the financial details involved.
A process that is easy and straightforward
A short guide on what to expect and what you can do: note that the audit method used depends on premium size, operation type and state requirements.
If you wish to challenge what’s been determined, from totals to payroll allocation to calculations, you can get help here.
There are bound to be questions, and we have answers. The Premium Audit is a two-way conversation aimed at a mutually acceptable resolution.
Premium Audit FAQs
Guidance for audit preparation
A successful and accurate audit depends on a number of factors:
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Having the right information ready and available for the final audit process.
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Understand the premium basis for your policy. Regardless of coverage type, the premium may be based on variable amounts such as but not limited to payroll, gross sales, units, subcontractor costs or a combination of premium basis measurements.
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Keeping proper records and documentation throughout the policy term. This will save time and frustration at audit time.
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It is highly recommended that a person with knowledge of the following be available during the audit process:
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Ownership
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Business operations
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Employee duties
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Where duties are performed
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Payroll
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Sales
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We value communication, cooperation and respect. For us, doing well and doing right are the same thing.
If you have questions regarding the totals or payroll allocation, please contact the Premium Audit Department at 800.231.1363 or click here to submit a Help Request.
Any questions pertaining to the billing calculations should be directed to our Billing Department by clicking here.
Policyholders may request a copy of the audit worksheets to review by sending their policy number and policy name to the Premium Audit Department at 800.231.1363 or by clicking here.
Agents/Brokers cannot be sent a copy of the audit worksheets unless written authorization is provided via email from an authorized policyholder representative, due to the privacy of the information in the audit report.
The premium audit process allows us to compare the original estimated exposure against your actual exposure to determine your final premium and to verify your business operations.
No, CopperPoint uses a separate portal system for all premium audits. Your CopperPoint representative will provide detailed instructions on how to submit your final audit documents to us.
Policyholders may request a copy of the audit worksheets to review by contacting our Premium Audit Department at 800.231.1363 or by clicking here.
Be prepared to provide:
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policy number
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policy name
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first and last name
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phone number
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email address
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date you are available to complete the audit
An audit cannot be reopened unless all audit documentation is readily available and/or provided.
For additional support, contact us at 800.231.1363 or submit a Form Request.