Insurance isn't set-and-forget.
Your business evolves. Your policy should too. Here’s how to review your cover regularly, identify gaps, and ensure you’re protected without overpaying.
Why policy reviews matter
Most businesses set up insurance once, then don’t review it again until renewal or until they need to make a claim and discover they’re not covered.
The risk of not reviewing — gaps, underinsurance, overpaying, or discovering at claim time that you’re not covered.
- Your revenue and business size
- Your services, products, or business model
- Your team size and structure
- Your physical assets and equipment
- Your risk exposure and client types
- Market rates and policy options
When to review your policy
- Hiring employees
- Significant revenue growth (50%+)
- New location or additional premises
- New services, products, or business activities
- Major asset purchases (equipment, stock)
- Business model pivot (e.g., consulting to SaaS)
- Acquisition or merger
It doesn’t take long — don’t wait for renewal if there are any material changes. A policy review can be done in a short call.
What to review in your insurance policies
Coverage limits
Are your Public Liability and Professional Indemnity limits still appropriate for your revenue and contract sizes?
Red flags that indicate you need a review now
- Your annual revenue has increased 50% or more since your last review
- You’ve signed contracts requiring higher coverage limits than you have
- You’ve hired employees but haven’t updated Workers’ Compensation
- You’ve moved to a new location or added premises
- You’ve added services or products not listed on your policy
- You haven’t reviewed your policy in over 18 months
- You’re not sure what your current coverage limits are
- You’ve never actually read your policy schedule
How to conduct a policy review (with us)
It’s important to start with gathering your current information. This is even more important if you’re not currently with the Pocket team. This includes your current policy schedule and Certificate of Currency, latest financial figures (revenue, wages, asset values), a list of current business activities and services, and details of any incidents or near-misses in the past year.
Policy review checklist
Download the policy review checklist
Business changes
- Has your annual revenue increased or decreased significantly?
- Have you added or removed services/products?
- Have you entered new markets or industries?
- Have you moved locations or added premises?
- Have you hired or reduced staff numbers?
Policy performance
- Is your premium competitive with market rates?
- Are there better policy options available now?
- Have you bundled policies for better pricing?
- Are you paying for cover you no longer need?
Coverage assessment
- Are your coverage limits still appropriate?
- Are all current business activities listed on the policy?
- Do you have new assets or equipment that need insuring?
- Have you experienced any incidents or near-misses?
- Are there new risks you’re exposed to that aren’t covered?
Administration
- Is your Certificate of Currency up to date?
- Do clients/suppliers have current proof of insurance?
- Is your policy schedule stored securely?
- Does your team know how to report incidents?
What happens next
Insurance isn’t set-and-forget. It’s an ongoing partnership. Our team checks in regularly, but if anything changes on your end, such as growth, pivots, or new risks, don’t wait for renewal.