Have you received a submission where the annual sales seem inaccurate? When underwriting bars and restaurants, we consider several factors, including:
- Square footage
- Seating capacity
- Hours open per day
- Days open per week
- Average prices
- For existing businesses, sales documentation from the past 12 months is useful
Accurate sales data ensures that the correct rating and forms are applied. If sales are under-reported, it could result in a significant additional premium owed during an audit and lost commission potential.
At USLI, we always return any excess premium when audited exposures are less than those estimated at the policy inception. Also, USLI does not charge separately for audits.
Please send USLI your next submission!
