Insurance Checklist for New Businesses

Work out which cover is compulsory, which you need and how much – then compare quotes and keep your policies on track.

Editable Word document
7
10pages
Guidance notes included
aml consultancy solutions

Starting a business

Insurance Checklist for New Businesses

About this document

What it’s for

A checklist to help a new business identify the insurance it must have by law, the cover it is likely to need, the questions to ask a broker or insurer, and how to record policies, renewals and claims.

When to use it

  • Before you start trading, take on staff or sign a lease or major contract
  • When your business changes – new premises, products, vehicles or staff
  • At each renewal

What’s inside

The document is laid out in the sections below. Each one comes with a plain-English guidance note explaining what it does and what to change.

  • Part 1 – Insurance required by law
  • Part 2 – Common business insurance
  • Liability
  • Property and income
  • People and finance
  • Part 3 – Insurance you may have agreed to hold
  • Part 4 – Questions to ask your broker or insurer
  • Part 5 – Quote comparison
  • Part 6 – If you need to claim
  • Part 7 – Policy register and renewals
  • Insurance review sign-off

How to complete it

  • Work through Part 1 (compulsory cover) and Part 2 (common cover), marking Y, N or ? for each
  • Check contracts, leases and finance agreements for insurance you have agreed to hold (Part 3)
  • Get at least three quotes using the comparison table (Part 5)
  • Record your policies in the register (Part 7)

Key points to check

  • You must disclose all material facts fairly to the insurer – an incomplete presentation can reduce a claim

Our templates are professionally structured starting points for UK businesses, not legal advice. For anything complex, unusual or high-value, have your final version checked by a solicitor.

Included in the pack

Starting a business

£20

for every document in this category

Editable Microsoft Word files

Guidance notes in every document

Written for UK businesses

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