Getting insurance right is difficult – especially for creative, digital, and media agencies. That’s why RiskBox offers a specialised service: a Policy Audit and Review of your commercial insurance.

We go beyond the basics to analyse your services, contractual obligations, client portfolio, business structure, and core risks. Let’s take a closer look at what an audit involves…

What is a RiskBox Policy Audit? 

A RiskBox Policy Audit is a full written report that reviews all your existing commercial insurance policies – and identifies those you may not have but should consider.

Think about it: most agencies have Professional Indemnity. But what about Cyber & Data cover? Or Management Liability? Our audit digs into these details and more. We analyse whether:

• Your policies are set up correctly and cover all relevant entities
• All services you offer are included
• Overseas exposures are addressed
• Coverage limits are suitable
• There are any exclusions or gaps that could cause issues

This thorough process helps us pinpoint any discrepancies, areas of underinsurance, or potential overpayment. From here, we’ll give specific recommendations covering the changes to consider, when to make them, and their likely costs or savings.

Why audit your business?

 Our main goal is always to give you a clear understanding of your current insurance coverage. Through our review, we’ll help you identify gaps, address inaccuracies, evaluate your premiums, and ensure legal compliance. We typically do this over a call, which allows us to answer any questions and explain our findings.

Here’s how the audit process works:

1. Send us your full commercial insurance policy documentation – e.g. your policy schedule, its wording, and any summary documents.
2. We’ll hop on a call to understand your business on a deeper level.
3. We’ll then dive into the details, comparing your insurance policies with the services you offer.
4. After analysis, we provide a completed Review Report with clear recommendations, as well as an optional follow-up call to go over findings and answer questions.

Overall, the process takes about 7 to 10 days and doesn’t need to happen at renewal time. In fact, it’s often better to do it away from renewal to allow you more focus.

What can you expect from an audit?

 During our audits, we often see similar issues:

• High excesses
• Unsuitable limits, such as lacking protection for claims involving US clients
• Coverage written on an aggregate basis instead of per claim
• Restrictive endorsements affecting freelancer and contractor engagements
• Policy wordings that aren’t broad enough to cover your activities

Once you have your report, you’re free to address any issues through your current broker or handle them yourself. Alternatively, you can appoint RiskBox to tackle these issues on your behalf and ensure all recommended actions are completed.

Streamline your insurance with RiskBox

 Your insurance needs are constantly changing. Because of this, a policy audit isn’t just helpful – it’s essential. If you’re an agency delivering creative work, from marketing to film production, consider a RiskBox Policy Audit to ensure your coverage meets your unique needs.

Don’t leave your business’s protection to chance. Contact RiskBox today to schedule your policy audit and gain the confidence that comes with knowing your insurance is in good hands.

Photo by Scott Graham on Unsplash