One service that we feel very strong about are midterm audit meetings. Although they are not required by insurance carriers it can be a proactive approach to help mitigate a large audit at the end of the policy term. Cash flow is vital to any business and we feel this service helps that cause.

The purpose of a midterm audit meeting is to sit down and see how the first half of your year went while forecasting what you’re expecting for the second half of your year. Mainly you are looking for the payroll and sales differences. Occasionally you might have even forgot to tell your broker about new equipment or automobiles that have been purchased. This is also a great time to do a mini inventory review. If you are a seasonal business, and know you’re busier certain times of the year make sure to account for that. A lot can change throughout a year, you may land that big job or you hire new employees, this is the time to account for the changes. We understand your first call is not to your insurance broker when you land that big job, but it is our job to stay in touch so neither the client, broker, and or carrier finds surprises later down the road.

Overall we feel this is an essential part of keeping your coverage and accounting as accurate as possible. The goal is to avoid large additional premiums (AP) or even a large refunds. Traditional yearend audits require you to pay the entire audit at once, while a midterm audit can endorse the policy and spread that amount over the rest of the policy period.

We strongly encourage mid-term audits, there is nothing worse than a big surprise at the end of your policy period. Does your company review your payrolls and sales midterm? Let our hands on approach offer this service to your company.

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