Contractor Insurance Renewal Checklist: What to Gather and Ask

Before you call your insurance agent, put your records in one place and write down what changed in your business. Use this checklist to prepare for the renewal conversation.

The quick checklist

• Gather your policies, renewal notices, and business records.
• List changes in your work, crew, vehicles, claims, and subcontractors.
• Ask about coverage, audits, contracts, and subcontractor paperwork.
• Write down answers, missing documents, and deadlines.

Gather these records

Bring what you have. Ask your agent which records matter for each policy or audit.

• Current policies and renewal notices
• A short description of the work you do now
• Payroll records for the policy period
• A list of employees, vehicles, and drivers
• Claims history or a loss run report
• Subcontractor agreements and certificates of insurance
• Transaction or payment records from the policy period
• Safety records you want your agent to review

A loss run report shows your business’s claims history. If you need help pulling together business reports, start with this financial-health checklist.

The Insurance Information Institute recommends talking with your insurance professional before each renewal about possible policy adjustments.

Write down what changed

Make a short list before the call. Check anything that applies since your last renewal:

• New kinds of jobs or services
• Changes in crew size or payroll
• New vehicles or drivers
• Claims or incidents to discuss
• Changes in subcontractor use
• New customer contract requirements

For example, an HVAC business might have added a van and driver. A roofing crew might have started taking a different kind of job. Ask your agent what each change means for your policies and any audit records.

Ask about audits

A workers’ compensation premium audit verifies payroll. Ask whether an audit applies to your business and what it requires.

• Which policies need an audit?
• What records do you need from us?
• Do you need payroll, transaction, or payment records from the policy period?
• Do you need records for subcontracted labor?
• When and how should we send everything?

Audit records can include transaction or payment records from the policy period. Travelers also lists certificates of insurance for subcontracted labor among applicable records. An audit may adjust a premium based on business activity during that period. Ask what applies to your policies.

Ask about coverage and contracts

Use your current work and customer contracts to make the questions specific:

• What does each policy cover, and what does it exclude?
• Do our current limits fit the contracts we are signing?
• What should we review when we add a new kind of job, vehicle, or driver?
• What proof should we request from subcontractors?
• Which contract terms or state requirements should an attorney review?
• Should an additional insured request be reviewed with you or legal counsel?

Additional insured endorsements can be discussed with your agent or legal counsel. Take contract language and state-specific questions to an attorney.

Check subcontractor paperwork

Bring subcontractor agreements and certificates of insurance. Ask your agent what to request and retain for your situation.

A certificate of insurance does not guarantee coverage. Ask what else needs review before relying on a subcontractor’s paperwork.

• What subcontractor documents should we keep?
• What should we check on each certificate?
• Do you need certificates for an audit?
• Which requests should go to an attorney?

Finish with written next steps

Before you hang up, record:

• Answers and questions still open
• Missing documents and who will send them
• Renewal and audit deadlines
• Contract questions for an attorney
• A date to review business changes during the policy year

Keep the list with your policy records so it is ready for your next conversation with your insurance professional.