Insurance Policy Review for Founders, Executives & Professionals

An insurance policy review is a structured conversation, and often a side-by-side read, of the policies you currently carry. It usually covers what each policy is meant to address, who is insured, what is excluded, and how the pieces fit together. Reading your policy declarations is typically the starting point.

For founders, executives and professionals, the risks tend to cluster in a few areas: claims that someone was harmed by your advice or work, decisions made by a board or leadership team, digital incidents involving data or systems, products sold to customers, contractual obligations, and the sudden absence of someone the business depends on.

Different lines of insurance address different exposures. Professional liability (often called E&O), cyber, directors & officers (D&O), key person, product liability and surety bonds are commercial lines, and they work differently from personal lines such as auto, home, life or health. Coverage, exclusions and availability vary by line, carrier and state.

Many business owners have traditionally handled insurance in a reactive way: buying a policy when a lender, landlord, client or contract requires it, then renewing it each year with few changes. This is common and understandable when time is limited.

Others work with an independent agent or a broker who periodically revisits the business's operations, contracts and growth plans and discusses how the coverage lines up. Some companies also involve their attorney, accountant or board in those conversations.

Professionals such as consultants, advisors and licensed practitioners often start with professional liability, while companies with boards may look at D&O, and businesses that handle sensitive data may look at cyber. Key person coverage is sometimes discussed alongside succession or buy-sell planning. None of these approaches is right for everyone, and each depends on the business.

The right independent agent may help you translate dense policy language into plain English and point out where your current coverage may overlap, differ from what you assumed, or leave questions open. An agent can also explain how different commercial lines are intended to work, without promising any particular outcome.

A review conversation generally starts with questions about you: what your business does, who relies on you, what contracts you sign, what data you hold, and who the key people are. Bring your current policies, declarations pages, contracts that mention insurance requirements, and a rough picture of your operations and growth plans.

Good questions to ask include: Are you licensed for the specific line of insurance I'm asking about, and in my state? What does this policy exclude? How are claims reported and handled? What changes in my business should I tell you about? Are there areas you can't help with and should be reviewed by an attorney or other professional? Note that a review does not guarantee savings, coverage outcomes or claim approval.