Liability Audits – Don’t Get Caught Unaware!

When the economy heats-up and business activity increases (especially construction), insurance companies are more likely to exercise their right to do an annual liability premium audit. So, it is important to remind you about audits, how they work, and 5 ways to avoid surprises.

Commercial General Liability (CGL) insurance coverage, either as a stand-alone policy or part of a package policy, is subject to premium audit. The initial liability insurance premium charged at the beginning of a policy term is a deposit only based on an estimate of the rating basis (usually total payroll or receipts/sales) for the current policy year. An accurate audit at the end of the policy term will adjust your final premium up or down when reconciled against the initial premium deposit.

What you can do to avoid surprises.

1. Verify that your estimated rating basis (usually total payroll or sales/receipts) is what you anticipated for the year.

2. Keep accurate records of the information needed to verify your rating basis at audit.

3. Monitor during the year your actual numbers in relation to what was estimated.

4. Subcontractors or Independent Contractors you hire in your operations need to provide you a Certificate of Liability Insurance as proof they are insured. Keep these liability certificates on file for your audit. If you can’t provide this proof then they are assumed to be uninsured subs and become covered under your liability policy causing you to pay additional premium.

5. Contact your agent for advice during the year if you have a material change in your operations that affects your total payroll or gross sales.

Contact agent Mitch Keller (208)305-9121or other American Insurance agents for helpful advice on audits and money saving quotes for liability insurance today. Email Quotes@Am-Ins.com

LC Valley Mud Run is Back!

The Valley’s only obstacle course race and mud run will be held August 19 at Lewiston Community Park in the Orchards (near the new LHS). Participants will navigate a 3-mile course while testing themselves on 18 obstacles! This event is for anyone - from people who like to get outdoors to hardcore fitness enthusiasts. And there’s even a mini-mudder course for the little ones!

It feels great to go out and see what you’re capable of but more than that, the proceeds of this event will go directly to local charities and non-profits.

“It’s not just for athletes. It’s for anyone who likes to get outdoors and get active. You'll be challenged physically and mentally... and you'll be absolutely covered in mud!” said Jeff Marshall, Down & Dirty Mud Run Board Member. “We get to be active, and play in the mud like we did when we were kids!” All runners receive a T-shirt and finisher medal. Plus: Parking is free, spectators are free and there will be plenty of food and beverages available.

To register or for more information, go to: www.lcvdownanddirty.com or call 208-790-3069