Annual Insurance Review Checklist
Once a year, sit down with this checklist and compare your business insurance with how the company runs today, from new services and hires to vehicles and space.
Businesses change more in a year than most owners notice. A new product line, a second vehicle or a busier season can all shift what you need, and a yearly review is the simplest way to stay ahead of those changes and keep each policy description accurate.
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.
Mention changes during the year
A move, a new service or an equipment purchase is worth a call during the policy year. Tell us when your business changes, whatever the calendar says.
Using the review alongside other checklists
Pair this checklist with the quote checklist when you compare options, and see how a BOP can bring property and liability together as you grow. Write down open questions as they come up during the year, and the review almost runs itself.
If a renewal notice uses terms you have not met before, look them up as you go, then mark the ones worth asking about. Bring that marked copy to the review so the questions get answered while the policy is still open for changes.
Who to bring into the review
The owner knows the plans, but other people often know the details. A bookkeeper can confirm payroll and revenue figures, an office manager knows which clients asked for certificates during the year, and a shop lead knows which equipment was replaced or added.
A short chat with each of them before the review turns guesses into accurate numbers. Collect their notes in one place, and the conversation with us can move straight to decisions.
Questions to ask about each policy
Go policy by policy. For general liability, ask whether the limits still match what your leases and contracts call for. For commercial property, check that the values reflect what it would cost today to replace equipment, furniture and stock.
For commercial auto, confirm that every vehicle and driver is listed and that personal cars used for errands are part of the discussion. For workers’ compensation, compare the payroll estimate with actual payroll and check that job descriptions still match what people do each day.
If you carry other policies, give each one a question too. For cyber insurance, ask whether the limit still covers the customer records and payment systems you run now. For professional liability, check that the services listed match the advice and finished work you sell. For a commercial umbrella, compare its limit with the highest figure any lease or client contract now asks for.
For employment practices liability, update the headcount and mention any new hires, departures or complaints. For crime bonds, name everyone who now handles cash, signs checks or holds keys to a client’s property.
Signs the business has outgrown its policy
Some changes are easy to spot; others creep in quietly. If any item below describes the past twelve months, raise it at the review rather than letting last year’s description roll forward unchanged.
A few useful answers
Common questions
When is the best time for an annual insurance review?
A few weeks before renewal works well, with a quick check-in whenever your business changes mid-year.
Should I review insurance if nothing changed this year?
Yes. A quick review confirms that the business description, limits and listed vehicles are still accurate, and it often turns up a small change you had forgotten, such as a new piece of equipment.
What if my revenue dropped this year?
Share the lower figure along with the reason. Many policies are rated on revenue or payroll, so an accurate figure matters in either direction.
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