Dos and Don’ts of Insurance Program Management

                         ✅ DO

• Scale your coverage as your business grows. As your operations expand, so too should your insurance protections. Regularly review and adjust your policies to reflect changes in asset value, services, staffing, and risk exposure. 

• Maintain accurate and up-to-date records. 

• Asset registers and valuations: Use professional insurance-specific valuations, not bank valuations, which are often unsuitable for reinstatement purposes. This ensures accurate sums insured and avoids underinsurance. 

• People matters: Include Workers Compensation, volunteer coverage, and clear records of staff and volunteer roles. 

• Documentation: Keep current policies, procedures, protocols, and risk mitigation strategies on file and accessible. 

• Notify your broker of business changes promptly. New assets, refurbishments, service expansions, or changes in key personnel should all be communicated to ensure continuous and accurate coverage. 

• Engage with your broker early and often. Whether it’s about policy queries, potential claims, or general advice, early engagement ensures smoother outcomes and faster resolutions. 

• Ask questions. If you’re unclear about policy inclusions, exclusions, or procedures, don’t hesitate to seek clarification. Understanding your coverage helps avoid surprises later. 

• Track contractor activity and insurance. Keep visitor logs and collect certificates of currency for liability insurance. Contractors should carry a minimum of $20M liability cover (with $10M as an absolute minimum). 

• Discuss policy exclusions with your broker. Be proactive in understanding what’s not covered—and what that might mean in real-world scenarios. 

• Pay your premiums on time. Lapsed or cancelled coverage due to non-payment can not only leave you exposed but may also make it harder to secure future insurance, as cancellations must be disclosed.