Annual Insurance Review Checklist
Use renewal as a reminder to review what changed in your business—and raise significant changes when they happen.
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Compare this year with last year
- List services you added or stopped, new products and changes in the kind of customers you serve.
- Compare revenue and payroll with the estimates used for your current coverage.
- Note new premises, moves, renovations and work in additional locations.
- Record equipment purchases, inventory changes and business use of vehicles.
Put the documents side by side
- Gather your current policies and endorsements, renewal documents and any open questions from last year.
- Identify leases and customer contracts with insurance requirements that have changed.
- Review limits, deductibles, exclusions and the named business entities.
- Check contact details and ask where to report a loss or request a certificate.
Ask about the gaps between plans and coverage
- Describe what you expect to change in the next year, including seasonal work or growth.
- Ask whether your current policy descriptions still match your operations.
- Ask what information is needed to update coverage and when any change would take effect.
- Keep a note of unresolved questions and the documents you still need.
Do not wait for renewal to mention a change
A move, new service or equipment purchase may warrant a conversation during the policy year. Contact your agent when your business changes; a renewal checklist is a reminder, not a reason to delay.
Keep exploring
Bring your questions to Mithril1. Coverage depends on the policy, its terms and the circumstances of a loss.
Further reading: Travelers guide to updating business insurance.