Insurance Renewal Checklist Example
Example document for Insurance Renewal Checklist. Use this as a reference when creating your own.
Professional Review Required
This document involves significant legal, financial, or compliance considerations. You must have a qualified professional review and approve this document before use. Do not rely on this template as legal advice.
Document: Insurance Renewal Checklist
Example Document
Last updated 7/30/2026
Insurance Renewal Checklist
Business Details
- Business Name: Apex Plumbing Solutions Pty Ltd
- ABN: 12 345 678 901
- Trading Address: 45 Tool Shed Rd, Brunswick, VIC 3056
- Contact Person: John Smith
- Renewal Date: 15/11/2023
- Insurance Broker: Tradesure Insurance Brokers
1. Policy Details
| Item | Details | Action Required |
|---|---|---|
| Current Policy Number | POL-9876543 | |
| Insurer Name | Allianz Australia | |
| Current Premium | $4,500.00 | |
| Renewal Premium | $5,200.00 | Increase is high. Need to negotiate. |
| Policy Period | 15/11/2022 to 15/11/2023 | |
| Expiry Date | 15/11/2023 | Reminder set. |
2. Business Changes Review
Did any of the following change in the last 12 months?
- Business Location: NO
- Business Structure: NO
- Number of Employees: 2 vs 4
- Annual Turnover: $350,000 vs $520,000
- Nature of Work: YES - Started doing gas fitting installations.
- New Assets Purchased: New transit van ($55,000), Hydro-jet machine ($12,000).
- Assets Sold or Disposed: Old ute sold.
- Use of Subcontractors: YES - Electrical subcontractor used. Cert collected.
3. Mandatory Insurance Check
| Insurance Type | Required? | Current Insurer | Policy Number | Expiry Date | Status |
|---|---|---|---|---|---|
| Workers Compensation | YES | WorkSafe VIC | WS-123456 | 15/11/2023 | ACTIVE |
| Third Party Motor Vehicle | YES | TAC (VIC Rego) | N/A | 22/12/2023 | ACTIVE |
| Specific Industry License | NO | N/A | N/A | N/A | N/A |
4. Asset & Valuation Review
| Asset Category | Item Description | Sum Insured (Current) | Estimated Replacement Cost | New Sum Insured Required |
|---|---|---|---|---|
| Tools & Equipment | General hand tools | $10,000 | $12,000 | $12,000 |
| Plant & Machinery | Hydro-jet machine | $0 | $12,000 | $12,000 |
| Vehicles | 2022 Ford Transit | $45,000 | $58,000 | $58,000 |
| Premises/Contents | Office stock | $5,000 | $5,500 | $5,500 |
5. Liability Coverage Review
| Cover Type | Current Limit | Client Requirement (if any) | Is Limit Sufficient? |
|---|---|---|---|
| Public Liability | $10M | $20M (New Council Contract) | NO - Increase to $20M |
| Product Liability | $10M | N/A | YES |
| Professional Indemnity | $1M | N/A | YES |
| Management Liability | Nil | N/A | NO - Need to add this cover |
6. Business Interruption Review
- Current Indemnity Period: 12 months
- Estimated Recovery Time: 12 months
- Is Indemnity Period Adequate? YES
- Agreed Value vs Indemnity: Indemnity
7. Policy Exclusions & Warranties
- Unoccupied Premises Clause: 60 days. Can you comply? YES.
- Specific Trade Exclusions: None noted for plumbing.
- Warranty Conditions: Van must have immobilizer. Fitted? YES.
8. Cyber & Data Risk
- Do you store customer data? YES (Names, addresses, emails)
- Do you process online payments? NO
- Do you have Cyber Insurance? NO
- Does the current policy cover data breach costs? NO - Add Cyber Extension.
9. Claims History
- Number of claims in past year: 1
- Total value of claims paid: $2,500 (Broken window at client site)
- Any outstanding claims? NO
- Impact on renewal premium: Broker advised small loading.
10. Decision & Action
- Have you compared quotes from other insurers? YES (Vero and QBE)
- Are you renewing with current insurer? NO - Switching to QBE.
- Reason for decision: QBE offered $20M Public Liability and Cyber cover for lower premium.
- Date Renewal Instructed: 10/11/2023
- Certificate of Currency Received: 12/11/2023
- Next Review Date: 01/11/2024
Declaration
I declare that the information provided in this checklist is true and correct to the best of my knowledge. I have disclosed all material facts.
Signed: J Smith Date: 12/11/2023
Notes
John Smith identified a significant change in his business requirements. His new council contract requires $20 million Public Liability cover, but his policy only had $10 million. He also purchased significant assets including a new van and machinery. By using the checklist, he ensured the sum insured values were updated to reflect replacement costs. He noted the increase in turnover and employees, which affects Workers Compensation and premiums. He also identified a gap in Cyber coverage since he stores customer data. Finally, he used the checklist to compare his renewal quote with the market, resulting in a switch to a more suitable insurer.
About this Example
Part of the Insurance Renewal Checklist document collection
Document Type
Insurance Renewal Checklist
A practical tool for Australian tradespeople and business owners to review insurance policies before renewal. It ensures coverage matches current business risks, assets and legal requirements.