Journey

Annual insurance review checklist

Quick checklist for annual insurance review: verify cover matches your business, compare renewal quotes, meet disclosure obligations, and set your next review date.

Running a Business Updated 15 September 2026

5 milestones references 3 guides

Annual insurance review checklist

Use this checklist 8 to 12 weeks before your policy renewal date. A quick annual review ensures your cover still matches your business and you are not overpaying.

Has your business changed since last renewal?
Review each of these. Any change may affect your cover level, premium, or disclosure obligations:
- Number of employees (affects employers' liability premium)
- Annual turnover (affects public liability and PI cover)
- New business activities or services
- New or changed premises
- New vehicles used for business
- New equipment or stock value
- Any claims, incidents, or near-misses since last renewal
- Any regulatory actions, investigations, or convictions
Meet your disclosure obligations
The Insurance Act 2015 requires a fair presentation of risk at renewal. You must disclose all material changes. Failure to do so can reduce or void your cover.
What you must disclose

Disclose all changes listed above, plus any information a prudent insurer would want to know. Document what you told the insurer and when.
When to start renewal process

8 to 12 weeks before policy expiry

Disclosure deadline

You must disclose all material changes before renewal (Insurance Act 2015, s.3 duty of fair presentation)

EL certificate display

Employers' liability certificate must remain displayed or accessible to employees at all times

Record retention (EL certificates)

Keep expired employers' liability certificates for at least 40 years (recommended best practice, as occupational disease claims can be made decades after exposure)

Gap in cover penalty

Even one day without employers' liability insurance is a criminal offence carrying a fine of up to £2,500 per day without cover

Insurance renewal checklist

Review current cover levels — are they still adequate for your turnover, number of employees, and business activities?

Update business details — new premises, additional staff, changed activities, new equipment.

Disclose material changes — incidents, claims, near-misses, regulatory actions, and criminal convictions. The Insurance Act 2015 (s.3) requires a fair presentation of risk at renewal.

Check exclusions — do current exclusions still make sense? Have your activities changed since the policy was placed?

Review excess levels — could you afford a higher excess in exchange for a lower premium?

Get at least 3 comparison quotes — from your current insurer, a broker, and at least one other source.

Do not just compare price — check cover levels, exclusions, excess amounts, and claims service reputation.

Verify insurer is FCA-authorised — check the Financial Services Register before committing.

Set calendar reminders — 12 weeks, 8 weeks, and 4 weeks before your next expiry date.

Keep a copy of your renewal disclosure — document what you told the insurer and when, in case of a future dispute.
Compare renewal quotes
Do not auto-renew without checking the market:
- Get at least 3 quotes (current insurer, a broker, one other source)
- Compare cover levels, not just price
- Check excess amounts and aggregate limits
- Review exclusions — have they changed from last year?
- Verify insurer is FCA-authorised (check the Financial Services Register)
Comparing insurance policies

How to read and compare policy documents, spot important differences, and avoid common traps.
Do you need additional cover types?
Your business may have outgrown its original insurance. Consider whether you now need:
- Cyber insurance (if you now hold more personal data or take online payments)
- Business interruption insurance (if your turnover has grown)
- Directors' and officers' insurance (if you have appointed new directors)
- Key person insurance (if the business depends on specific individuals)
- Products liability (if you now sell physical products)
Insurance types quick reference

At-a-glance comparison of all business insurance types with typical cover levels and costs.
Update certificates and records
- Display your new employers' liability certificate (or make it accessible electronically to all employees)
- File the expired certificate — keep for at least 40 years
- Update your insurance schedule in your business records
- Inform your accountant of premium changes
- Set calendar reminders for next year's renewal (12, 8, and 4 weeks before expiry)
Insurance renewal guide

Full step-by-step renewal process with disclosure requirements and negotiation tips.

Guv’s take

Consolidate renewal dates: If you have multiple policies expiring at different times, ask your broker about aligning renewal dates. A single annual review is easier to manage than staggered renewals throughout the year.

Annual insurance review checklist

Annual insurance review checklist

Has your business changed since last renewal?

Meet your disclosure obligations

Compare renewal quotes

Comparing insurance policies

Do you need additional cover types?

Insurance types quick reference

Update certificates and records

Insurance renewal guide

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