Review Your Policies for National Insurance Awareness Day

Understanding National Insurance Awareness Day

National Insurance Awareness Day, observed annually on June 28, serves as a timely reminder to perform an insurance policy checkup. It's an opportunity for businesses and individuals alike to review insurance policies, understand current coverage, and identify any gaps that may expose them to financial, operational, or legal risks.

Why You Should Review Your Insurance Policies Annually

An annual insurance review ensures your protection keeps pace with changes in your business or personal life. Whether you've grown your operations, changed service offerings, or added new assets, regular policy audits can help you stay ahead of emerging risks. Reviewing insurance policies is essential for maintaining adequate protection, managing premiums, and optimizing policy terms.

How to Conduct a Thorough Insurance Policy Review

It only takes a few minutes to protect your professional, operational, and financial interests. Use this insurance policy audit checklist to guide your review:

Key Coverage Areas to Examine During Your Review

Cyber Insurance

• Ensure coverage limits are sufficient across all insuring agreements.
• Evaluate business interruption and dependent business interruption coverage based on your tolerance for downtime and supply chain vulnerabilities.
• Understand the difference between duty to pay vs. duty to reimburse—this impacts your financial liability.
• Review cyber war exclusions and look for carvebacks related to cyber terrorism, especially for critical infrastructure businesses.
  
  

Professional Liability Insurance

• Confirm limits are adequate for your organization’s size, client base, and scope of services.
  
• Ensure the definition of professional services aligns with all services offered.
  
• Understand whether your policy is claims-made or occurrence-based, as this affects when coverage is triggered.
  
• Check that the retroactive date reflects your business’s operational history.
  

Management Liability Insurance

• Assess both aggregate and individual coverage limits to ensure adequate protection.
• Review who qualifies as an insured person—typically directors, officers, and key employees.
  Look for EPLI coverage for third-party claims from non-employees (e.g., vendors, customers).
• Investigate wage and hour coverage, often excluded in standard EPLI policies but available as an add-on.
  
  

When to Contact Your Broker for Assistance

If you're unsure about the adequacy of your coverage or the implications of exclusions and policy language, contact a specialized wholesale broker. A Flow broker can help you:

• Evaluate new market offerings
• Adjust limits and terms to match current needs
• Ensure compliance with industry-specific insurance requirements
  
  

Changes to Your Circumstances

Life and business don't stand still. These events should trigger an insurance policy review:

Life Changes

• Marriage, divorce, new dependents
• Significant health updates

Property Changes

• Buying, selling, or renovating properties
• Acquiring new equipment or vehicles
  

Business Changes

• Expanding services, entering new markets
• Hiring key employees or restructuring leadership
  

Understanding Policy Exclusions

Not all coverage is created equal. Exclusions, sublimits, and unique clauses can limit protection. It’s essential to understand:

• Coverage gaps
• Policy limits
• Deductibles
• Discount eligibility
• Claims processes

The Benefits of Regular Policy Reviews

A consistent insurance policy checkup provides:

• Enhanced coverage confidence
• Identification of cost-saving opportunities
• Timely updates that reflect evolving risks
• Peace of mind for you and your stakeholders
  
  

Broker Consultation: Your Strategic Advantage

Your Flow broker is your best resource for understanding the importance of reviewing insurance. They can tailor policy reviews to your business profile and risk tolerance, helping you achieve optimal protection and efficiency.

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Stay Protected. Stay Informed.

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FAQs

Why is National Insurance Awareness Day important?

It encourages policyholders to conduct a thorough insurance policy audit to ensure coverage is current and comprehensive.

When is National Insurance Awareness Day?

National Insurance Awareness Day is observed annually on June 28.

How often should I review my insurance policies?

At least once a year, or whenever major changes occur in your life or business.

What should I look for when reviewing my policies?

Check for adequate limits, relevant exclusions, up-to-date insured persons or assets, and whether the coverage still aligns with your current situation.

What if I find gaps in my coverage?

Contact a Flow broker to explore available policy options or endorsements that can close those gaps.

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