Construction General Liability Insurance Audit Support For General Contractors
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Your Construction General Liability Insurance Audit Request May Come By email or USPS letter
Your Annual Construction Liability Insurance Audit - Is part of the renewal process. Your Initial contractors liability insurance premium is based on an estimate of your gross sales and your payroll to help your insurance company determine the amount of risk your company is exposed too.
We Have A Conference Room - You can use to meet with the auditor. And we can have someone from our office at the meeting to provide construction general liability insurance audit support. Many times we meet with the construction general liability insurance auditor and do most of the work without you needing to be there.
Your Contractors Liability Insurance Audit Is - Similar to Estimates vs. Actuals report you generate for your Job Costing Reports. The audit will determine how much was under or over billed on the preceding year based on what your sales and payroll amounts. These numbers are also used to determine the amount of next year’s contractors liability insurance premium.
The Contractors Liability Insurance Audit Process - Is an open book test because you have the list of questions ahead of time. It is just a matter of finding the answers in a timely manner (by the appointment date if a in person physical audit)
It Is A “What It Is” - Type of test as there is no wrong answer; however, if you have the answers without the proper supporting documents that could cost you a bundle of money.
Fill Out The Form On The Right And Get The Help You Need!
QuickBooks For Contractors - Can really help, if it is setup correctly, push a few buttons and have the printed reports in less than ten minutes.
The Contractors Liability Insurance Auditor Can Require:
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In Person Physical Audit - The auditor fills out the audit form
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The Auditor May Require - Copies of your detailed reports
The Contractors Liability Insurance Auditor May Require:
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Voluntary By Mail Audit – Forms sent to your company for you, your bookkeeper or outsourced accounting company to fill out based on QuickBooks reports.
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Auditor May Require - Copies of Detailed Reports
Sample Disclaimer:
*Premium auditing involves obtaining information from a policyholder’s financial records in order to adjust insurance premiums. Policyholder information is allocated among various classifications based on state and / or insurance jurisdictional rules and regulations. Results are submitted to insurance carriers for premium adjustment and statistical rate making. Premium Auditing is not the formal examination of financial records for accounting purposes.*
Your Contractors Liability Insurance Company Wants To Know Early And Often What Jobs You Are Bidding - The names of other contractors are involved (sharing the risk). For Larger Projects many contractors liability insurance companies would like to see the Prime Documents before the bid is submitted.
Your Annual Construction General Liability Insurance Audit Support - Relates to reports that involve sales / payroll / taxes. Insurance companies do not discuss how much access they have / do not have to a State / Local / Federal records to cross verify information given which is why many auditors require copies of actual payroll and sales tax reports filed.
Properly Setup QuickBooks Reports Will Have - Many of the answers needed to fill out the annual construction general liability insurance audit form. Having a clean set of books makes the process more efficient and less painful as the report is asking for information in multiple ways.
QuickBooks Makes It Easier - To fill out the construction general liability insurance audit support forms and it is possible you may save money on premiums. Having an outside accountant is helpful because they deal with this stuff year round. It could save you more in time and money than you spend to have it taken care of by a professional because we know where and what information is needed to complete the report.
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Our Co-Founder:
Sharie DeHart, QPA, is the President of Business Consulting And Accounting (Fast Easy Accounting) in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations. She offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 206-361-3950 or sharie@fasteasyaccounting.com.
