Small Business Insurance Checklist for a New Company
Use this checklist to identify common small-business risks, from public liability to equipment, cyber incidents, and business interruption.
Business insurance is most useful when it reflects how a business actually operates. A freelancer, landlord, retailer, and software company may need very different protections even when their revenues are similar.
Start with a risk map: what could injure a person, damage property, interrupt trading, expose data, create a professional dispute, or make the business responsible for an employee or contractor? Then match the risks to possible covers such as public or general liability, employers’ liability where required, professional indemnity, commercial property, cyber, motor, and business interruption.
Check the limits, territorial scope, subcontractor requirements, contractual obligations, and notification conditions. A client contract may demand a certificate of insurance or a specific limit, but that certificate should match the actual activities being performed.
Keep contracts, incident logs, training records, maintenance records, invoices, payroll information, and policy documents. Review the program when revenue, premises, staff, products, clients, or countries served change.
Quick checklist
- Compare the same limits and assumptions with each provider.
- Read exclusions, waiting periods, deductibles or excesses, and claim conditions.
- Keep the quote, schedule, wording, receipts, and communications together.
- Recheck the policy after a material change in your circumstances.
Editorial note: This is general educational content. It is not personal financial, insurance, legal, tax, or medical advice. Rules and policy wording vary by jurisdiction and provider.