I just received a letter from my insurance company saying that they are coming in to do an audit of my financial records. I don’t think it is any of their business. I am so tired of everyone wanting to see my financial records. Are they trying to see if I can afford to pay more for insurance? This for General Liability Insurance not workers comp. They want monthly sales reports, monthly p&l, and monthly general ledger. Don’t small business have any rights to privacy? I pay my premium on time( I fact I paid it off early instead of the monthly payments), I have not had a single claim. I am tired of this BS.
Well the good news is this is common. I think we hear audit and freak out.
Part of your insurance is most likely based on sales (as is mine) and you never know you may get a refund if sales were down. My guess is you have not been open for too long. We have been open for 13 years and now they just send me a form to fill out.
The reason they want all the other info is in case there is an huge discrepency on your projected vs. actual.
Look at your policy…
This is common to see if you are being charged the correct premium. They want to know what contents are inside your store. Also, if you have a complete loss and have business income in the policy, they want to know how much it is.
Okay, That makes sense. I do have a policy for loss of income if something happens, I quess they need to verify the income. We have only been open for 1 year so all of this is new to me. Thanks