As a general guide, review your insurance program at least once each year, usually before renewal.

You should also review it whenever your business changes materially.

What changes should trigger a review? #

Examples include changes to:

• Services or activities
• Turnover
• Staff
• Business locations
• Property
• Equipment
• Vehicles
• Business ownership or structure
• Subcontractors
• Geographic areas of operation
• Project size or type

What about new contracts? #

Review insurance requirements before signing a materially different contract.

A contract can introduce requirements involving:

• Higher limits
• Additional insurance
• Run-off periods
• Territorial requirements
• Principal indemnity
• Contractual liability
• Subcontractor insurance

What else should be reviewed? #

Consider reviewing your insurance where:

• A claim has occurred
• You become aware of a circumstance that could lead to a claim
• Your claims history changes
• An insurer changes its terms
• Property values increase
• Replacement costs change materially

This can be particularly important for claims-made policies such as Professional Indemnity Insurance.

Contact our team if your business changes or you would like us to review your current insurance program.