As the year ends, use this End-of-Year Insurance Checklist to make sure your coverage is complete. Reviewing policies now helps you avoid surprises and start the new year prepared. Follow these steps to protect your assets and reduce risk.
1. Review All Policies
Look at your auto, home, health, and business policies. Confirm coverage limits still match your needs. Update any changes in property value, business operations, or personal circumstances.
2. Check Deductibles and Out-of-Pocket Costs
Verify your deductibles and out-of-pocket maximums. If you met your deductible this year, schedule any remaining medical or maintenance needs before it resets.
3. Evaluate Life Insurance
Review your life insurance policy. Make sure beneficiaries are current and coverage reflects your financial obligations. Consider increasing coverage if your family or business grew this year.
4. Identify Coverage Gaps
Assess risks that may not be covered. For individuals, think about jewelry, collectibles, or home upgrades. For businesses, review cyber liability, equipment coverage, and employee-related risks.
5. Conduct a Risk Audit
Businesses should perform a year-end risk audit. Check compliance, safety protocols, and liability exposures. Individuals can review home safety measures and emergency plans.
Bottom Line
An End-of-Year Insurance Checklist ensures you start the new year with confidence. Update policies, close gaps, and protect what matters most.