An audit is performed at the conclusion of a policy term. Normally, a policy is for a term of 1 year. However, if your policy is shorter than the 1 year term, if it was cancelled by you or the carrier, there still would be an audit to determine the actual premium earned.
Depending on your premium size and business type, the insurance company may elect to send you a mail audit form, asking that you mail in the records they need to complete the audit. If you have been selected for a mail audit, normally it will be due within 30 days after your expiration.
Most policies have physical audits performed on them. The auditor will generally contact you, either just before or within 30 days after your policy expires, to schedule an appointment. The vast majority of audits are performed within 90 days of the policy expiration date.
WCA is happy to help complete mail audit forms, schedule audits, prepare audit records, and even meet with an auditor for our customers.