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Tampa Insurance Audit Negligence Attorney

Business policy premium reviews can be costly to insureds

Insurance companies won’t just take your word for how your business is doing. Each year, countless businesses undergo a premium audit by their insurers. It is a complex process fraught with potentially costly pitfalls for the policyholder and the carrier.

Unfortunately, most business attorneys have very little idea of how their clients’ insurance premiums are determined or how to protect them when disputes or alleged negligence arise. Saady & Saxe, P.A. is different. We understand the process, the pitfalls and what constitutes negligence or wrongdoing by the insurance company. We help businesses of all types and sizes recover damages when negligent auditing results in higher premiums for any type of policy, in particular workers’ compensation and general liability coverage. Contact our Tampa insurance audit negligence attorneys today.

What is a premium audit?

A premium audit measures and verifies a policyholder’s premium base, which determines the appropriate amount of the premium. The audit is supposed to ensure that insured businesses are neither overpaying nor underpaying. Audits can be random, though usually they are required as part of the policy contract or by regulatory agencies.

Audits take place shortly after a policy expires. An audit examines the business’s actual exposure during the policy period and sets the final premium based on that exposure.

One of the conditions of an insurance contract is to provide the necessary information to complete an audit. It is therefore vital to represent your payroll accurately, correctly classify workers, keep proper time records and note business changes that alter your exposure. Not surprisingly, this reporting can be complicated, and each of these items is open to interpretation by the auditor.

How our attorneys help

Policyholders are entitled to receive fair and equitable treatment from properly trained auditors. Audits should accurately represent a business’s risk exposures and reflect premiums that are appropriate. The audit should conform to uniform industry standards.

Saady & Saxe, P.A. helps companies ensure their premium auditors do not make mistakes or act negligently. In the workers’ compensation realm, our Tampa lawyers examine whether the insurer or agent:

  • Used correct employment classifications
  • Used the correct amount of payroll
  • Correctly treated overtime, bonuses and other benefits
  • Considered the correct claims experience
  • Properly handled any workers’ comp claims
  • Changed its opinion from a previous audit about the sufficiency of an insured’s reporting

If negligence is suspected, our law firm can file a civil claim against the carrier alleging the misconduct resulted in unjustifiably higher premiums. As experienced insurance attorneys, we also pursue claims for insurance malpractice and bad faith claims handling.

Businesses rely on our Tampa legal team in complex premium audits

Insurance premiums are a never-ending reality for businesses. The laws surrounding them are complex. Contact Saady & Saxe, P.A. for an attorney who understands the dynamic regulations, statutes, administrative procedures and case law that impact business insurance premiums. Contact our Tampa insurance audit negligence attorneys today.

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