How to Review Your Insurance Like a Pro: A 10-Minute Annual Checklist

When was the last time you gave your business insurance a proper once-over?

If you’re like many business owners or consultants, you probably arranged your cover when you started out — and haven’t looked at it much since. But things change. And when they do, your insurance needs to keep up.

Whether you’re a sole trader, a growing tech startup, or managing a block of flats, an annual review can make the difference between peace of mind and a nasty surprise at claim time.

Here’s a simple, 10-minute checklist to help you spot gaps, avoid overpaying, and make sure your cover still fits.

✅ 1. Check Who Is Actually Covered

Businesses evolve. So start by checking:

• Are all current directors, employees, subcontractors, and consultants covered?

• Have any roles changed? For example, do you now have staff working remotely or abroad?

• Are you covered for work across the UK, EU, or globally — if needed?

🔎 Pro tip: If you’ve hired or expanded your team, your Employers’ Liability cover may need updating.

✅ 2. Review Your Sums Insured and Turnover

Insurers often base premiums and claims payments on:

• Your annual turnover

• The value of contents, stock, or IT equipment

• The rebuild cost of any property you own

If these figures are outdated, you could be underinsured(risking a reduced claim payment) or overpaying.

🔎 Pro tip:Recalculate your rebuild cost using a professional valuation or the BCIS calculator if you own a commercial or residential building.

✅ 3. Has Your Work Changed?

New services or clients can change your risk profile. Consider:

• Are you offering new types of consulting or advice?

• Do you work in new sectors (e.g. fintech, public sector, construction)?

• Have you started handling more client data or sensitive information?

These changes can affect your Professional Indemnity or Cyber Liability cover.

✅ 4. Look at Your Policy Limits and Excesses

Ask yourself:

• Are your policy limits still enough? (Think of rising legal costs, compensation claims, and inflation.)

• Is your excess too high to be realistic in the event of a claim?

Now might be a good time to increase your cover or reduce your excess depending on your risk appetite and premium budget.

✅ 5. Check Your Business Activities Are Accurately Described

Insurers rely on the declared business description to assess risk and validate claims.

Even a small change — like offering training in addition to consulting — could invalidate a claim if it’s not listed.

🔎 Pro tip: Your schedule should clearly state the scope of your work, not just a vague term like “consultant”.

✅ 6. Cyber Security: Are You Keeping Up?

If you’ve added new systems, started using cloud services, or are handling more customer data, ask:

• Do you have adequate Cyber Liability protection?

• Have your internal cyber security practices evolved?

Cyber threats have become a top 3 business risk in the UK — don’t assume your PI or general liability policy will cover it.

✅ 7. Are You Getting the Service You Deserve?

Beyond the cover itself, consider:

• Do you get reminders and personalised advice at renewal?

• Is your broker or provider proactive, or are you doing all the chasing?

• Are they explaining *why* certain covers are relevant, not just sending quotes?

Sometimes the issue isn’t the insurance — it’s the lack of expert guidance.

Time’s Up – What’s Next?

This 10-minute review is a great annual habit, but if anything doesn’t look right (or you’re unsure), don’t leave it to chance.

As an insurance broker who works with UK-based professionals, consultants and landlords, I’m happy to offer a free review with no obligation — just straight advice.