What is A General Liability Audit?

A general liability audit is when an insurance provider compares what happened during a policy term against the estimate from when a business took out the policy.
The insurance company has the right to audit the policyholder whenever they see a discrepancy between the predictions and the actual happenings.
It’s best to have financial data and records relating to that data on hand when you’re getting ready for an audit. This data includes sales numbers, payroll figures, and proof of insurance for subcontractors.

[croquest]

I don't mind the audit as l have nothing to hide .And yes it helps me determine where l stand as far as insurance is concerned and that l am covered. Since audit is to make sure that l have paid them correct amount . It also needs to be on audit that if l overpaid money is returned. This should be a law not on option. What's fair is fair. Otherwise it's pure insurance monopoly .
Also audit needs to be done every year so you don't go for many years unchecked and insurance company says .Oooo you owe us lots of money and pay up.

[Ucrane]

So if they do audit and the sale is a lot more than it was stated before the policy how many years back can they go back and do audit