Insurance Compliance Review Checklist for Professional Services
A checklist for reviewing all business insurance policies to ensure adequate coverage, compliance with legal requirements, and readiness for potential claims.
Designed to meet professional indemnity requirements, client confidentiality obligations, and industry body reporting standards.
Complete Checklist
- 1Compile a list of all current insurance policies and their renewal datesCritical
- 2Verify workers compensation insurance is current and covers all employeesCritical
- 3Review public liability insurance coverage levels and confirm adequacyCritical
- 4Check professional indemnity insurance if required for your industry
- 5Review property and contents insurance coverage against current asset values
- 6Verify that business interruption insurance is in place and adequate
- 7Check motor vehicle insurance for all business-owned vehicles
- 8Review cyber liability insurance coverage if personal data is held
- 9Confirm directors and officers liability insurance if applicable
- 10Review any industry-specific mandatory insurance requirementsCritical
- 11Assess whether coverage levels reflect the current size and risk profile of the business
- 12Review policy exclusions and conditions to understand any gaps in coverage
- 13Confirm that all policy conditions and obligations are being met
- 14Obtain competitive quotes before each renewal to ensure value for money
- 15Update the insurance register with current policy details and store certificatesCritical
Frequently Asked Questions
How do we determine the right level of insurance coverage?
Consider the maximum realistic loss scenario for each risk type. For public liability, most businesses carry ten to twenty million dollars in coverage. Property insurance should reflect replacement value, not book value. Business interruption insurance should cover fixed costs for the time needed to resume operations. Engage an insurance broker who specialises in your industry for tailored advice.
What insurance is legally required for Australian businesses?
Workers compensation insurance is mandatory in all states and territories for businesses with employees. Compulsory third party insurance is required for all registered vehicles. Beyond these, specific industries have mandatory insurance requirements, such as professional indemnity for financial advisers, builders warranty insurance for builders, and public liability for certain licence holders. Check your industry requirements carefully.
What can void an insurance policy or result in a claim being denied?
Common reasons for denied claims include non-disclosure of material information when applying, failure to meet policy conditions such as security requirements, late notification of incidents, and engaging in activities outside the scope of coverage. Review your policy conditions carefully and ensure all requirements are being met. Notify your insurer of any material changes to your business or risk profile promptly.
Need help implementing these checks into your daily operations?
Our team can build custom checklists integrated into your daily operations workflow.