Mid-Year Insurance Review Checklist for Business Owners

Insurance reviews or “checkups” for your business might not be the first thing on your summer to-do list. But summer is actually an ideal time to step back, review your current coverage, and identify any gaps, before the busy fall and year-end seasons take over.

Why do an insurance checkup?

The goal of an insurance checkup is simple: To make sure your business isn’t over- or underinsured.

Here’s one way to think about it:

Have you upgraded your home recently…say, a major kitchen remodel? If so, you probably know it’s important to update your homeowners insurance to reflect those improvements. Otherwise, you risk being underinsured in the event of a loss.

The same principle applies to your business.

As your business grows, evolves, and invests in upgrades, your insurance coverage needs to keep pace. After all, you’ve worked hard to build something stronger. Why leave its protection to chance?

Why Summer Is the Perfect Time for a Coverage Review

For many industries, summer offers a natural mid-year breather. That makes it a great time to step back, assess your current insurance policies, and identify gaps before the busy fall and year-end seasons roll around.

If you haven’t looked closely at your coverage since your last renewal, now is the time. A quick review could reveal gaps or inefficiencies that put your operations at risk or cost you more than necessary.

What to Review During Your Mid-Year Insurance Checkup

According to Zywave, here are key areas to assess:

• Property and Equipment Values: Renovations, upgrades, or equipment purchases can impact your coverage needs.
• Revenue and Income Levels: Significant changes may require updates to business interruption or liability coverage.
• Business Interruption & Liability Limits: Make sure your current limits are adequate and not leaving you over- or underinsured.
• Policy Exclusions: Know what’s not covered. Exclusions are easy to miss, but they can create major coverage gaps.
• Employee Count and Payroll: Changes here can impact your workers’ comp obligations and coverage levels.
• Vehicles and Drivers: Ensure all drivers and company vehicles are listed and correctly insured under your commercial auto policy.
• Contracts, Leases, or Business Structure Changes: These often introduce new liabilities or insurance requirements.
• Cybersecurity Coverage: If your team is remote or traveling this summer, cyber risks typically go up. Make sure you’re protected.
• Regulatory Changes: Stay ahead of changing insurance-related regulations that may apply to your industry.
• Seasonal Risks: From summer wildfires and heat-related job site hazards to slip-and-falls and fire hazards in the fall, seasonal shifts require proactive coverage.