A workers’ compensation policy is issued based on the estimated exposure (payroll and job classification). The final premium is determined through the premium audit.
At the end of the policy term, an audit professional will reach out to the business owner to make arrangements for a review of operations, records, and books of account. Based on the outcome of the premium audit, an adjustment may be made resulting in either an increase or decrease to the initial deposit premium.
Be prepared. The auditor will need access to records. These records may include: payroll reports, overtime earnings, 941s, state unemployment reports, general ledgers and certificates of insurance if subcontractors were used. Compile the applicable financial records and put together a complete and organized audit file prior to the visit.
Designate a knowledgeable staff member to work with the auditor. Choose a representative who is familiar with the financial records and the daily operations of the business. Workers’ compensation policies are based on assigning employees a proper classification. It is imperative that the insured’s audit contact is knowledgeable on the specific job duties of employees and that contact can assist the auditor with any questions.
Feel free to ask questions during the audit. Ask the auditor to clarify anything not understood.
Conduct a final review with the auditor. At the conclusion of the audit, review the auditor’s findings. A company representative and the auditor should recap the audit results to ensure that they are accurate.
The premium audit serves a very important function. Not only does it determine the final premium for an insurance policy, but the data collected at audit (payrolls, class codes and claims data) is later submitted to rating organizations (NCCI and independent bureaus) to be used in developing experience modifiers and loss costs. It is paramount that the premium audit is accurate, verified, and in compliance with mandated rules and regulations.
Beacon manages and directs all payroll audits in-house on behalf of AmTrust. Our focus on the aviation industry gives us unparalleled insight into managing issues that might otherwise result in inaccurate classifications.
Kate Bustin
Senior Aviation Underwriter
Kate was located in Midwest for most of her career working for both large and small regional P&C carriers. She has a strong WC background in the construction space.
Now located in Ocala, FL area, she is a proud mom to three fur babies. Kate enjoys traveling, dog parks on the weekends, and Yankees baseball games.
Sharon Meeds has been a Senior Premium Auditor for 18 years.
She has a lengthy background in Accounting and operated her own small business accounting service as well.
Sharon enjoys several hobbies including – gardening, sewing, quilting, cooking, reading and most of all, spending time with her grandchildren.
Sharon looks forward to meeting and working with all our Partner Aviation Brokers and Insureds.
Steve DiSerio is a seasoned Aviation Underwriter with over a decade of experience in the industry. Steve has been responsible for underwriting aviation exposures for hull and liability coverage, including light aircraft, rotor wing, and small to medium-sized jets. He also handled aviation commercial general liability, including flight schools, flying clubs, Fixed Base Operators and airports.
In addition to his extensive Insurance Underwriting experience, Steve worked as an FBO Manager and as a Commercial Lines Policy Analyst. He holds a B.A. in Communications from Marist College, with a minor in Fine Art/Photography.
Steve has a commercial pilot’s license and an instrument rating from the FAA. Steve currently serves on the Airport Advisory Board at the Leadville Lake County Airport in Colorado. Deeply invested in the world of aviation, Steve is an active member of the local aviation community.
Steve resides in Colorado with his wife and two dogs. Steve is an accomplished outdoors enthusiast, with a passion for skiing, biking, and all things active. With extensive experience exploring the natural world, he brings a deep appreciation for the value of physical activity and the great outdoors to his work.
Cindy Hoskins has been in the Aviation Insurance industry for 47 years.
She spent the last 40 years of her career with an aviation underwriting company start up in 1983 and managed the Dallas Light Aircraft Division. She held the title of Vice-president when she retired January 2023. After 18 months of retirement, Cindy made the choice to return to aviation insurance as an Underwriter for Beacon on part time basis.
Cindy enjoys volunteer work for a non-profit organization for adults with disabilities. She is on the board for the organization and recently helped raise over $25,000 for the non-profit organization.
Cindy was born in Grapevine, Texas and has stayed local to Grapevine her entire life. Her daughter is a 3rd generation graduate of Grapevine High School.
She enjoys cooking and attending various outings with her daughter who is a member of the non-profit organization.
She also enjoys travel!
Beacon Aviation offers this coverage to protect you and your business if a third party is injured on your property or by your actions.
These policies are necessary because most commercial general liability policies will not cover aviation-related exposures.
Beacon Aviation offers this insurance to protect firms that use planes and other aircraft for business purposes. Aircraft aren’t covered under standard liability policies.
Aircraft Hull covers physical damage to an aircraft.
Aircraft liability includes coverage for Bodily Injury/death to passengers, other than passengers and third party property damage.
