By the time Q2 rolls around, your business has likely completed several projects, hired subs, or purchased new equipment — all of which can affect your insurance exposure. A mid-year insurance review ensures you’re covered, compliant, and protected from unnecessary financial risk.

Here’s what to look for:

1. Meet with Your Insurance Broker

Set up a time to go over your key policies, including:

• General Liability
• Workers’ Compensation
• Commercial Auto
• Equipment Floater
• Builder’s Risk

If you’ve taken on larger projects, hired more staff, or acquired new tools or vehicles, your coverage limits may need an update.

2. Subcontractor Coverage: COIs Are Not Enough

It’s common to request a Certificate of Insurance (COI) from subcontractors, but don’t rely on it as proof of adequate coverage. A COI:

• “Does not affirmatively or negatively amend, extend or alter the coverage”
• Doesn’t guarantee the subcontractor’s policy will cover a particular claim

Actionable Steps:

• Contract Clauses: Require subcontractors to maintain specific coverage
• Additional Insured: Request to be added to their policies
• Updated COIs: Ask for new certificates for all subs currently on the job

3. Avoid Costly Gaps

Your mid-year review may reveal:

• A new piece of equipment not yet added to your policy
• An expired builder’s risk policy on an active project
• Incorrect workers’ comp classifications, which could trigger audit issues

4. Document Everything

Proper documentation is critical in the event of a claim. Keep:

• Active policy copies
• Endorsements (especially Additional Insured endorsements)
• Updated COIs for all subcontractors

5. Compliance Check

Many general contractors, developers, and property owners require specific coverages in their contracts. Verifying that you’re compliant:

• Helps avoid disputes
• Speeds up payment timelines
• Shields you from claims that may not be covered

Final Thought

Insurance is not a set-it-and-forget-it line item — it’s a vital part of your risk management strategy. A mid-year review ensures your coverage reflects your current operations and shields your business from potentially devastating gaps in protection.

Sincerely,
W. E. Stevens, PC

Serving you through a thoughful client experience, wise long-term perspective, and very experienced staff