In every business with employees, there will be a General Liability audit and a Work Comp audit at the end of every year. Being prepared for those audits will save you money long term. If you walk into the audit with all the correct forms and information needed for the auditor, you have more control of the situation. If you walk in to the audit unorganized, the auditor will ask more questions that he/she may not really need, but may cost you in the end. The key here is to be prepared, take control of the situation. You may not know everything there is to know about insurance, but your agent should prepare you properly. Does your agent prepare you for audits?
Think of it like this: When tax season comes up, do you put all your files in order and call the IRS agent to sit down and go over everything? Probably not. Most likely you sit down with your CPA and discuss the different options you have. The same thing is true for insurance audits. Sit down with your agent and discuss what will be needed for the audit and go in prepared.
Does your agent respond well to claims and getting everything ready for renewals? Or do they help you throughout the year as a business owner? Reactive or Proactive, your choice. If you have any questions regarding Risk Management please give me a call. Sean Leigh