We are seeing a lot of assumed audits this year. The insurance companies are back to requesting audits after relaxing their audit processes during and right after the COVID pandemic. Are you a business owner looking to understand how your insurance premiums are determined? Huff Insurance explains the importance of insurance audits in their article "What are Assumed Audits for Business Insurance?" This detailed guide covers why insurance companies would issue an assumed audit for your business. Actual audits involve a thorough review of your financial records to determine the precise premium based on your business's real financial performance over the policy period. If you fail to do the actual audit at the end of the policy term, an assumed audit is used to increase your premims from 25% to 200%! y Learn more by reading the full article on Huff Insurance’s blog: https://lnkd.in/e3mXN3cr
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