The Hartford Financial Services Group, Inc., has introduced a Web-based audit reporting tool for small business policy holders that will allow quick, convenient audits and updates for their policy renewals.
The Hartford, Conn.-based carrier has introduced what it terms as a "groundbreaking" online Premium Audit Reporting tool that simplifies the process of submitting information to reconcile insurance premiums.
Because most commercial insurance premiums are provisional, calculated at the beginning of the policy year based on estimates of the business operations throughout the year, they are audited prior to renewal. Any changes in the business that affects the premium, including increases or decreases in payroll and sales, are reflected after the audit in the new premium.
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