{"id":970,"date":"2025-05-29T15:28:41","date_gmt":"2025-05-29T15:28:41","guid":{"rendered":"https:\/\/www.westevens.com\/blog\/?p=970"},"modified":"2025-05-29T15:28:41","modified_gmt":"2025-05-29T15:28:41","slug":"midyear-insurance-review","status":"publish","type":"post","link":"https:\/\/www.westevens.com\/blog\/midyear-insurance-review\/","title":{"rendered":"Why a Mid-Year Insurance Review Is a Must for Contractors and Real Estate Businesses"},"content":{"rendered":"

By the time Q2 rolls around, your business has likely completed several projects, hired subs, or purchased new equipment \u2014 all of which can affect your insurance exposure. A mid-year insurance review<\/strong> ensures you\u2019re covered, compliant, and protected from unnecessary financial risk.<\/p>\n

Here\u2019s what to look for:<\/p>\n

1. Meet with Your Insurance Broker<\/strong><\/h3>\n

Set up a time to go over your key policies, including:<\/p>\n

    \n
  • General Liability<\/strong><\/li>\n
  • Workers\u2019 Compensation<\/strong><\/li>\n
  • Commercial Auto<\/strong><\/li>\n
  • Equipment Floater<\/strong><\/li>\n
  • Builder\u2019s Risk<\/strong><\/li>\n<\/ul>\n

    If you\u2019ve taken on larger projects<\/strong>, hired more staff, or acquired new tools or vehicles<\/strong>, your coverage limits may need an update.<\/p>\n

    \n

    2. Subcontractor Coverage: COIs Are Not Enough<\/strong><\/h3>\n

    It\u2019s common to request a Certificate of Insurance (COI)<\/strong> from subcontractors, but don\u2019t rely on it as proof of adequate coverage. A COI:<\/p>\n

      \n
    • \u201cDoes not affirmatively or negatively amend, extend or alter the coverage\u201d<\/em><\/li>\n
    • Doesn\u2019t guarantee the subcontractor\u2019s policy will cover a particular claim<\/li>\n<\/ul>\n

      Actionable Steps:<\/strong><\/p>\n

        \n
      • Contract Clauses<\/strong>: Require subcontractors to maintain specific coverage<\/li>\n
      • Additional Insured<\/strong>: Request to be added to their policies<\/li>\n
      • Updated COIs<\/strong>: Ask for new certificates for all subs currently on the job<\/li>\n<\/ul>\n
        \n

        3. Avoid Costly Gaps<\/strong><\/h3>\n

        Your mid-year review may reveal:<\/p>\n

          \n
        • A new piece of equipment<\/strong> not yet added to your policy<\/li>\n
        • An expired builder\u2019s risk<\/strong> policy on an active project<\/li>\n
        • Incorrect workers\u2019 comp classifications<\/strong>, which could trigger audit issues<\/li>\n<\/ul>\n
          \n

          4. Document Everything<\/strong><\/h3>\n

          Proper documentation is critical in the event of a claim. Keep:<\/p>\n

            \n
          • Active policy copies<\/li>\n
          • Endorsements (especially Additional Insured endorsements)<\/li>\n
          • Updated COIs for all subcontractors<\/li>\n<\/ul>\n
            \n

            5. Compliance Check<\/strong><\/h3>\n

            Many general contractors, developers, and property owners require specific coverages<\/strong> in their contracts. Verifying that you\u2019re compliant:<\/p>\n

              \n
            • Helps avoid disputes<\/li>\n
            • Speeds up payment timelines<\/li>\n
            • Shields you from claims that may not be covered<\/li>\n<\/ul>\n
              \n

              Final Thought<\/h3>\n

              Insurance is not a set-it-and-forget-it line item \u2014 it\u2019s a vital part of your risk management strategy. A mid-year review<\/strong> ensures your coverage reflects your current operations and shields your business from potentially devastating gaps in protection.<\/p>\n

              Sincerely,
              \nW. E. Stevens, PC<\/p>\n

              Serving you through a thoughful client experience, wise long-term perspective, and very experienced staff<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

              By the time Q2 rolls around, your business has likely completed several projects, hired subs, or purchased new equipment \u2014 all of which can affect your insurance exposure. A mid-year insurance review ensures you\u2019re covered, compliant, and protected<\/p>\n","protected":false},"author":2,"featured_media":971,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[12],"tags":[5,101,22,3,24,25,102,26,97,100,16,4],"_links":{"self":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/970"}],"collection":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/comments?post=970"}],"version-history":[{"count":1,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/970\/revisions"}],"predecessor-version":[{"id":972,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/posts\/970\/revisions\/972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media\/971"}],"wp:attachment":[{"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/media?parent=970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/categories?post=970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westevens.com\/blog\/wp-json\/wp\/v2\/tags?post=970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}