Checklist Checklist

Category: Insurance

  • #20 — Workers’ Compensation Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • Workers’ compensation rules are jurisdiction-specific.
    • Employers generally need to understand local requirements.
    • Employee classification can affect premiums.
    • Payroll estimates can affect premiums. Independent-contractor classification can create disputes.
    • Misclassification can create significant consequences.
    • Different job roles can carry different risk levels.
    • Experience modification factors can affect premiums.
    • Claims history can affect future costs.
    • Safety programs can influence overall risk.
    • Premium audits can change final costs.
    • Estimated payroll isn’t necessarily the final payroll used for premium calculation.
    • Subcontractor certificates should be monitored.
    • Uninsured subcontractors can create unexpected exposure.
    • Remote workers may introduce different risk questions.
    • Multiple jurisdictions can complicate administration.
    • Employee reporting procedures matter.
    • Workplace injuries should be handled according to applicable reporting rules.
    • Fraud prevention matters for both employers and insurers.
    • Return-to-work programs can affect business disruption.
    • Experience modification calculations should be understood.
    • Don’t compare insurers using premium alone.
    • Ask what services the carrier provides beyond the policy.
    • Review claims-management performance.
    • A workers’ compensation policy should be evaluated as both an insurance product and a risk-management system.

  • #19 — Medical Malpractice Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • Coverage requirements vary by jurisdiction and profession.
    • Claims-made and occurrence structures differ.
    • The policy’s retroactive date can be critical.
    • Tail coverage can become important after certain policy changes.
    • Prior acts coverage should be understood.
    • Policy limits should be evaluated against realistic exposure.
    • Defense costs may interact with limits.
    • Consent-to-settle provisions can matter.
    • The insurer’s claims-handling reputation deserves investigation.
    • Individual and institutional coverage can differ.
    • Employees and contractors may have different coverage arrangements.
    • Multiple locations may create additional considerations.
    • Specialty-specific risks can vary dramatically.
    • Surgical specialties can have different exposure profiles from other specialties.
    • Telemedicine can introduce additional questions.
    • Multi-state practice can complicate coverage.
    • Licensure changes should be disclosed.
    • Practice changes should be reported.
    • Policy exclusions deserve close examination.
    • Regulatory proceedings may not receive the same treatment as malpractice claims.
    • Cyber coverage is generally a separate consideration.
    • Don’t assume the hospital’s insurance protects every independent physician.
    • Ask what happens when you retire or leave a practice.
    • Compare tail-cost exposure when comparing claims-made policies.
    • A low premium can become expensive if the policy leaves a major coverage gap.

  • #18 — Professional Liability Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • Professional liability is not the same as general liability.
    • Coverage is often connected to professional services.
    • Definitions of covered services matter.
    • Policy exclusions can dramatically affect protection.
    • Claims-made structures require careful attention.
    • The retroactive date can be important.
    • Prior acts coverage can matter when switching insurers.
    • Reporting requirements can be strict.
    • Late notification can create complications.
    • Defense costs may interact with policy limits.
    • Defense inside versus outside limits can materially change protection.
    • Deductibles or self-insured retentions can be significant.
    • Contractual liability may be treated differently from negligence.
    • Certain industries require specialized professional coverage.
    • Cyber incidents may not be fully addressed by professional liability.
    • Employment disputes may require separate coverage.
    • Fraud and intentional misconduct may be excluded.
    • Regulatory investigations may receive different treatment.
    • Subcontractor work should be evaluated.
    • Geographic coverage matters for international businesses.
    • Policy wording matters more than marketing descriptions.
    • Compare equivalent retroactive dates when shopping.
    • Ask what happens when changing insurers.
    • Have unusual contractual requirements reviewed before purchasing.
    • Don’t choose solely on premium—compare the actual coverage architecture.

  • #17 — Business Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • General liability doesn’t cover every business risk.
    • Property insurance may not cover every type of property loss.
    • Business interruption coverage has specific requirements and limits.
    • Professional liability differs from general liability.
    • Cyber risk may require separate coverage.
    • Employee-related risks can require different policies.
    • Commercial auto is generally distinct from general liability.
    • Product liability can be especially important for manufacturers and sellers.
    • Policy exclusions deserve as much attention as coverage descriptions.
    • Coverage limits can be inadequate after a major loss.
    • Deductibles directly affect your out-of-pocket exposure.
    • Business valuations and property values can change.
    • Underinsurance can create serious problems after a claim.
    • Inventory levels can fluctuate.
    • Equipment replacement costs may exceed historical purchase prices.
    • New locations may require policy updates.
    • Acquisitions can change the risk profile.
    • New products can create new liability.
    • Contractors and subcontractors can create additional exposure.
    • Certificates of insurance aren’t substitutes for policy review.
    • Policy endorsements can materially change coverage.
    • Renewal pricing may change substantially.
    • Claims-made policies can have special timing considerations.
    • Ask what happens if you stop paying or switch insurers.
    • Review insurance annually as the business changes—not just when the policy renews.

  • #16 — Commercial Truck Insurance Checklist. 25 Buyer-Beware Intelligence Points.

    • The cheapest premium may not be the cheapest policy.
    • Liability limits need to match the risks of the operation.
    • Cargo coverage is separate from many liability protections.
    • Physical-damage coverage may have different deductibles.
    • Non-trucking liability may apply only in specific circumstances.
    • Bobtail coverage isn’t necessarily interchangeable with other commercial coverage.
    • Drivers may need to meet insurer eligibility requirements.
    • Driver history can affect underwriting.
    • Vehicle type can affect pricing. Operating radius can affect premiums.
    • Cargo type can dramatically affect risk.
    • Hazmat operations can require specialized coverage.
    • Refrigerated cargo creates additional exposure.
    • Trailer ownership and use should be disclosed accurately.
    • Leased-operator arrangements can complicate insurance responsibilities.
    • Additional insured requirements should be reviewed.
    • Certificates of insurance don’t necessarily change the underlying policy.
    • Exclusions can be more important than headline coverage.
    • Deductibles can materially change total cost.
    • Claims history can affect renewal pricing.
    • Policy cancellation provisions matter.
    • Ask how premium audits work.
    • Ask whether mileage, payroll, revenue or other metrics affect audits.
    • Compare equivalent coverage—not merely quoted premiums.
    • Have the actual policy reviewed before assuming an agent’s summary tells the whole story.