Business insurance
Business insurance review checklist
Business insurance is easy to buy and easy to forget. A policy that was right at startup may not cover a new location, a new vehicle, a new employee or a new contract requirement. This checklist covers the records to collect for an annual review, so the coverage, the cost and the certificates match the business as it is now.
Who sends itSent by the firm to a business client before the annual insurance renewal, or when the client signs a new lease, hires employees or takes on a contract with insurance requirements.
0 of 19 ticked
01Policies
02Coverage review
03Renewal and certificates
04Claims and records
What firms get wrong
- Renewing the same policy without checking a new location, vehicle or service.
- Sending a certificate of insurance that does not name the required additional insured.
- Missing the workers' compensation premium audit, which changes the final premium.
- Treating a claim payment as income instead of recording it against the loss.
- Keeping the policy declarations but not the exclusions that limit the coverage.
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Questions about this checklist
What insurance should a small business carry?
Most small businesses start with general liability and, if they have employees, workers' compensation. Property, professional liability, cyber and umbrella coverage depend on the business, the contracts and the state.
Is workers' compensation required?
Most states require workers' compensation once a business has employees, with different thresholds and rules. The client should check the state requirement and the policy audit.
What is a certificate of insurance?
A certificate of insurance is a short form that shows the policy, the limits and the additional insured. A landlord or customer often asks for one before a lease or contract is signed.
How often should a business review its insurance?
Review it at each renewal and whenever the business adds a location, a vehicle, an employee, a contractor or a service. A new exposure that is never added to the policy is a gap.
What records should be kept for a claim?
Keep the incident report, the photos, the receipts, the correspondence with the insurer and the claim payment records. The insurer will ask for them, and the tax return may need the loss documentation.
Sources
Checked November 3, 2026. Tax rules, forms and thresholds change; confirm them with the IRS or your tax software before relying on them.
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