December 8, 2021

Checklist For An Annual Business Insurance Policy Review

Checklist For An Annual Business Insurance Policy Review

The year-end means more than merriment, mistletoe, and your year-end business income and financial reconciliation-it are also the time to perform your annual business insurance review.

As your business has grown or shifted in the past year, likely so have your insurance needs. Small business owners and enterprise organizations alike should make annual insurance review a routine so you always have adequate coverage and aren’t paying any more than you absolutely have to.

Here are the different policies you should be reviewing, how you should assess your business needs, and provide you with a business insurance review checklist.

Insurance Policies to Review

Your business is likely holding several different insurance policies, and it is important to review them all. It may also be that as you’ve grown you will need to invest in some new ones, as well, depending on the type of business and what has changed in the past year.

  • Business Liability Coverage Insurance can help protect you, your employees, and customers in the case of an accident.
  • Commercial Property Insurance can help protect your company’s physical assets, building, furniture, equipment, and inventory.
  • Business Owners’ Policy, or BOP, is a combined package of different coverages as property, liability,crime coverage, and more. A BOP can help you get a customized policy tailored to your specific needs.
  • Commercial Auto Insurance can protect your business and employees from a variety of damages and accidents related to the operation of vehicles.
  • Business Income Insurance can help pay bills and cover costs if your business has to close temporarily.
  • Commercial Umbrella Insurance can provide your business with extra protection beyond your standard liability policy.
  • Cyber Liability Insurance can help protect your business from damages related to electronic data, computer systems, data breaches, and even computer attacks.
  • Workers’ Compensation Insurance can protect your employees in the instance of a work-related accident.


Business Insurance Review Checklist

General Information

  • Driver’s list and Driver license
  • Check your website (make sure you’re not doing extra services that your insurance doesn’t know about)
  • Business name change?
  • Has your business incorporation structure changed?
  • Have the ownership, partners, or officers of your business changed?
  • Has your branding, unique offering, services, or products changed or expanded?


Business Offices

  • Do you own the building your company operates out of?


If you rent or lease:

  • Have you purchase, rent or lease agreement changed in the past year


Company Liability

  • Has your company payroll increased?
  • Has your company sales increased?
  • Have you added or removed automobiles from your operations?
  • Has the usage of company vehicles changed?
  • Do you or your employees use personal vehicles for work?
  • Review your auto insurance limits of liability and deductibles.


Worker’s Compensation

  • Major increase/decrease in company payroll
  • Employees that work remotely full/part-time
  • Subcontractors or third-party agencies that work onsite
  • Employees travel within or outside of the US for work


We hope this list is helpful when looking at your ANNUAL Business Insurance Policy. If you have any questions please don’t hesitate to talk to your CSR. We at McKnight want to shield you from life’s little upsets!!