- 01Confirm the named insuredThe legal name and any DBA must match how you do business and how contracts name you. A sole proprietor's personal name on a policy for an LLC is a common, fixable error.
- 02Check the policy periodEffective and expiration dates, usually at 12:01 a.m. The expiration is your renewal deadline; put it in the wallet.
- 03Read the limits by coverageEach occurrence, general aggregate, products–completed operations aggregate, and any sublimits. These are the numbers leases and contracts compare against.
- 04Note the deductiblesProperty and some liability coverages carry a deductible per claim. Know the number before a loss, not after.
- 05Scan the forms and endorsementsThe list of form numbers at the end is the policy's real content. Additional insured, waiver of subrogation, exclusions and limitations all live here.
The five sections that matter
1. Named insured and mailing address. The entity the policy protects. If you have formed an LLC since buying the policy, or operate under a trade name, both should appear. Certificates are issued in this name, and a mismatch with a lease or contract causes rejections.
2. Policy period. Effective date to expiration date. Most policies run one year and expire at 12:01 a.m. on the date shown, which means the last day of coverage is the day before.
3. Coverages and limits. Liability policies list each occurrence, general aggregate, products–completed operations aggregate, personal and advertising injury, damage to rented premises and medical expense. Property policies list building, business personal property, business income and any scheduled items. Auto lists a combined single limit or split limits. Workers' compensation lists the states covered and three employers' liability limits.
4. Deductibles and retentions. Property deductibles apply per claim; wind and hail may carry a percentage deductible; professional and cyber policies carry a self-insured retention that works the same way.
5. Forms and endorsements. A list of form numbers with edition dates. This is where additional insured status, waivers of subrogation, primary and non-contributory wording, exclusions and coverage extensions appear. A dec page with excellent limits and a restrictive endorsement list can cover less than it appears to.
Three checks before you file it
- Does the named insured match your legal entity and DBA?
- Is the expiration date in your wallet with a reminder sixty days before?
- Do the limits meet the highest contract you currently hold?
When the dec page is not enough
Coverage questions about a specific loss, exclusions, and definitions require the forms. The forms are available from the carrier or agent and should be stored with the dec page. A wallet that reads the dec page and stores the forms side by side answers most questions without a phone call.