Workflow Templates: Insurance Renewals checklist

Policy Review

Gather current insurance policy documents for review

Confirm the accuracy of the policy including organization details and coverage limits

Identify any changes in the organization that may affect coverage needs (e.g., new assets, changed operations, increased risk)

Coverage Assessment

Evaluate the sufficiency of current coverage limits based on the organization's assets and risk exposure

Review any claims made in the past year and assess how they were handled

Discuss with key stakeholders to determine if additional coverage types are necessary (e.g., cyber liability, directors and officers liability)

Market Research

Research insurance providers to compare coverage options and rates

Seek quotes and terms from multiple insurance companies for comparison

Review industry-specific risks that may require specialized insurance products

Financial Planning

Assess the organization's budget for insurance and allocate funds for the renewal

Consider the financial impact of different deductible levels on premiums and cash flow

Analyze the cost-benefit of various insurance proposals and their long-term financial implications

Documentation and Compliance

Ensure all required documentation for insurance renewal is complete and accurate

Check for any regulatory changes that may impact insurance requirements

Prepare and organize financial records and other documents that insurers may request for underwriting purposes

Negotiation and Purchase

Engage in negotiations with insurance providers to secure the best terms

Review the proposed insurance contracts thoroughly before signing

Finalize the purchase and obtain a binder for immediate coverage confirmation

Communication and Implementation

Inform all relevant parties within the organization of the new insurance terms and any changes in procedure

Update the company's risk management policies and procedures to reflect the new insurance coverage

Train staff on any new risk mitigation practices associated with the new insurance policy

Template Library Home

Insurance Renewals checklist

Policy Review

Coverage Assessment

Market Research

Financial Planning

Documentation and Compliance

Negotiation and Purchase

Communication and Implementation

Use this template in Manifestly

Template Library Home

Insurance Renewals checklist

Policy Review

Coverage Assessment

Market Research

Financial Planning

Documentation and Compliance

Negotiation and Purchase

Communication and Implementation

Use this template in Manifestly

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