--- title: Answers to Your 3 Most Asked Premium Audit Questions description: Explore the three most frequently asked questions surrounding a workers’ compensation policy premium audit and their answers. image: https://blog.beaconmutual.com/hubfs/Premium%20Audit%20Blog%201140x546%20(2).webp --- [Skip to Main Content](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#body-content) - [Make a Payment](https://www.beaconmutual.com/payments/) - [Report an Injury](https://www.beaconmutual.com/employers/report-an-injury/) - [Contact](https://www.beaconmutual.com/contact/) - [Careers](https://www.beaconmutual.com/about/careers/) - [Help](https://help.beaconmutual.com/) [Online Portal Login](https://www.beaconmutual.com/portal) [![Beacon Mutual](https://blog.beaconmutual.com/hubfs/Beacon_Mutual_v2_Files/logo.svg)](https://www.beaconmutual.com) - [Employers](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#0) Show submenu for "Employers" - [Policyholders](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#0) - [Report an Injury](https://www.beaconmutual.com/employers/report-an-injury/) - [Manage Claims](https://www.beaconmutual.com/employers/manage-claims/) - [Why Beacon Mutual?](https://www.beaconmutual.com/employers/why-beacon-mutual/) - [Massachusetts Coverage](https://www.beaconmutual.com/employers/massachusetts/) - [Connecticut Coverage](https://www.beaconmutual.com/employers/connecticut-coverage/) - [Small Business](https://www.beaconmutual.com/employers/small-business/) - [Workers’ Compensation 101](https://www.beaconmutual.com/employers/wc101/) - [Premium Audit](https://www.beaconmutual.com/premium-audit/) - [Beacon Pay As You Go (PYG)](https://www.beaconmutual.com/pyg/) - [Temp and Leasing Agencies](https://www.beaconmutual.com/employers/temp-agencies/) - [Recursos en Español](https://www.beaconmutual.com/workers/ayudandole-a-mejorar/) - [Frequently Asked Questions (FAQs)](https://www.beaconmutual.com/employers/employer-faq/) - [Get Insurance](https://www.beaconmutual.com/get-started/) - [It's easy to get workers' compensation for Rhode Island, Massachusetts, or Connecticut business. 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Get a BeaQuick Quote and connect with an agent. Get Insurance](https://www.beaconmutual.com/get-started/) - [Safety Center](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#0) - [Safety Services](https://www.beaconmutual.com/employers/safety-services/) - [Safety Training & Resources](https://www.beaconmutual.com/safety-training/) - [Ergonomic Services](https://www.beaconmutual.com/employers/ergonomic-services/) - [Stay-at-Work/Return-to-Work](https://www.beaconmutual.com/employers/saw-rtw/) - [Case Studies](https://www.beaconmutual.com/employers/case-studies/) - [Loss Prevention Documents](https://help.beaconmutual.com/how-to-access-loss-prevention-documents) - [Safety FAQ](https://www.beaconmutual.com/employers/safety-faq/) - [Industry Expertise](https://www.beaconmutual.com/employers/industry-expertise/) - [We have the expertise to provide workers' comp services to a variety of industries in RI, MA, and CT. We understand your business and know how to protect your people. Find Your Industry](https://www.beaconmutual.com/employers/industry-expertise/) - [Workers](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#0) Show submenu for "Workers" - [Workers](https://blog.beaconmutual.com/answers-three-asked-premium-audit-questions#0) - [What to Expect After a Work Injury](https://www.beaconmutual.com/workers/workers-what-to-expect-after-a-work-injury/) - [Find a Doctor (PPN)](https://www.beaconmutual.com/workers/find-a-doctor/) - [Fill a Prescription](https://www.beaconmutual.com/workers/fill-a-prescription/) - [Safety Services](https://www.beaconmutual.com/employers/safety-services/) - [Worker FAQ](https://www.beaconmutual.com/workers/worker-faq/) - [Recursos en Español](https://www.beaconmutual.com/workers/ayudandole-a-mejorar/) - [Medical Providers](https://www.beaconmutual.com/workers/medical-providers/) - [Our team works closely with the state’s medical providers to deliver the appropriate care to injured workers. 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We get it. However, a premium audit is an audit that can *help your business*. This article will explore the answers to the three most frequently asked questions surrounding a workers’ compensation policy premium audit like why you need to complete it and what records you need to prepare for a premium audit. You will learn that the premium audit process really isn't that bad or something to be dreaded, and is really performed to protect your business.   Before we answer the three most asked premium audit questions, let's explain what a premium audit is. A Premium Audit is a comprehensive examination of a policyholder’s records and operations to determine the actual earned premium for the policy period. The Premium Audit verifies the accuracy of pertinent policy information such as business operations, business locations, business ownership, policy classifications, and payroll. ### Top 3 Asked Premium Audit Questions: **Why do I need to complete a premium audit? ** At the beginning of your policy period, your premium was estimated based on information about your business operations and payroll. The Premium Audit is completed once the policy has expired to determine your **actual earned premium** for the policy period. The premium audit makes sure you pay the correct premium amount and get the workers’ comp coverage your business needs. **What records do I need to complete my audit? ** You will need to provide the following information for your premium audit. Luckily, it is information that you most likely have quick access to such as: - Payroll Register that coincides with your policy period, which includes all employees (active and terminated) and shows **gross payroll** for each employee, which includes all payroll, overtime, tips, etc.  - Tax Records like your quarterly Payroll Tax returns, Rhode Island DET-TX-17s, and Federal 941s   - Subcontractor Records if you utilize subcontractors to complete work for you, payments made to subcontractors along with certificates of insurance.    Depending on your business, additional information may be required as deemed necessary by the auditor.  **Do I need to complete a premium audit if I am on Pay As You Go (PYG)?** Yes, if your policy is on a pay-as-you-go (PYG), an audit will be completed to verify the accuracy of the uploaded payrolls, to determine the actual earned premium for the policy period.  ### Want to Learn More about Premium Audit? This article only answered the three most asked premium audit questions, and we know that you may have [additional questions](https://www.beaconmutual.com/employers/premium-audit-faq/) regarding your audit and would like more information regarding:  - [Types of Premium Audits ](https://www.beaconmutual.com/premium-audit/#types-of-premium-audit) - [Audit Processes](https://www.beaconmutual.com/premium-audit/#audit-process) - [Preparing for an Audit](https://www.beaconmutual.com/premium-audit/#prepare-for-an-audit) - [After the Audit](https://www.beaconmutual.com/premium-audit/#after-the-audit) - [Guide to Payroll Inclusions & Exclusions](https://www.beaconmutual.com/premium-audit/#payroll-inclusions--exclusions) - [Updated and New Resource Documents](https://www.beaconmutual.com/premium-audit/) [![Read about Premium Audit](https://no-cache.hubspot.com/cta/default/5115678/20a733ea-e9b5-4416-9c32-3b9634137a10.png)](https://cta-redirect.hubspot.com/cta/redirect/5115678/20a733ea-e9b5-4416-9c32-3b9634137a10) ![Beacon Mutual](https://blog.beaconmutual.com/hubfs/BeaconMutual_symbol_color.png) Written by Beacon Mutual Focused on What Matters Most... 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