These guides are for people who just bought a business, whether through entrepreneurship through acquisition (ETA), a search fund, a Small Business Administration (SBA) loan or a holding company. They explain how to check the insurance you inherited, close the gaps that owner-run businesses often have, and lower your insurance costs without cutting the coverage you need. You will also find primers on buying a company, guides to choosing a broker, and checklists by industry.
Start here
- I Just Bought a Business. How Do I Check My Insurance?
- The Best Insurance for ETA and Search Fund Acquisitions
- How to Reduce Insurance Costs After You Buy a Business
- Insurance for Search Funds: The Complete Guide
- Insurance for Holding Companies and Roll-Ups
- Your First 90 Days of Insurance After Buying a Business: A Checklist
- How Much Should Insurance Cost for the Business I Just Bought?
- Insurance After an SBA Acquisition Loan: What SBA and Your Lender Require
- Should I Keep the Seller's Insurance or Start Over? A Decision Guide
- What Is a Business Insurance Review and When Do You Need One?
The insurance review
- What Happens in a Business Insurance Review, Step by Step
- What Documents Do I Need for an Insurance Review?
- How to Read a Declarations Page in 10 Minutes
- How to Read Loss Runs After You Buy a Business
- Declarations Page vs Full Policy: Why the Endorsements Matter More
- How Often Should You Review Your Business Insurance?
- Do-It-Yourself, Broker or Second Opinion: Who Should Review Your Insurance?
Review each policy
- New Owner Review: General Liability
- New Owner Review: Commercial Property
- New Owner Review: Business Income and Extra Expense
- New Owner Review: Workers' Compensation
- New Owner Review: Commercial Auto
- New Owner Review: Umbrella and Excess Liability
- New Owner Review: Professional Liability (Errors and Omissions)
- New Owner Review: Cyber Insurance
- New Owner Review: Employment Practices Liability (EPLI)
- New Owner Review: Commercial Crime and Employee Theft
- New Owner Review: Tools, Equipment and Inland Marine
- New Owner Review: Directors and Officers (D&O) Insurance
- New Owner Review: Pollution Liability
- New Owner Review: Product Liability for Distributors and Manufacturers
Red flags a review catches
- 15 Coverage Gaps New Owners Find in Owner-Run Businesses
- Was the Seller Underinsured? How to Tell and What It Costs You
- Insurance Exclusions That Quietly Kill Coverage
- Wrong Named Insured After an Acquisition: Entities, DBAs and Holdcos
- Do Your Policies Still List the Seller? What to Fix
- When Customer Contracts Require Coverage You Do Not Have
- Lease Insurance Requirements Most New Owners Have Never Read
- Certificates the Seller Issued That Your Policy Does Not Back Up
Contracts and certificates
- How to Check Your Customer Contracts Against Your Policies
- Additional Insured, Waiver of Subrogation and Primary Noncontributory
- Do Your Subcontractors Carry the Coverage Your Contracts Require?
- Set Up Certificate Tracking in Your First Month as Owner
Liability you inherit
- Who Is Liable for Work the Seller Did Before I Bought the Company?
- Successor Liability: When an Asset Purchase Is Not Clean
- Completed Operations Claims From the Seller's Past Jobs: Who Pays?
- Stock Deal vs Asset Deal: Whose Insurance Responds to Old Claims?
- Prior Acts and Tail Coverage After an Acquisition: Who Pays?
- Seller Indemnities vs Insurance: What They Are Really Worth
The transition period
- The Seller Stays On as a Consultant: Are They Covered?
- Transition Services Agreements and Insurance: Who Covers What
- When the Seller Holds the Contractor License: Insurance and Bond Risks
- Do Surety and License Bonds Transfer When You Buy a Business?
- Vehicles Still Titled to the Seller or Family: Fixing Title and Insurance
- When the Lease or Building Stays in the Seller's Name: Who Insures What
- Changing Payroll Providers Without a Workers' Comp Gap
People risks
- Why Ownership Changes Trigger Employee Claims (and How EPLI Responds)
- Key Employees Leaving After an Acquisition: Insurance and Retention
- Employee Theft After You Buy a Business and Don't Know the Team Yet
- Wage and Hour Exposure You Inherit From the Seller
- Do 1099 Contractors Count in Your Workers' Comp Audit?
- What Happens to Employee Health Benefits After an Asset Sale?
Lenders and investors
- SBA Lender Insurance Requirements After Closing: A Detailed Checklist
- Personal Guaranties: Why Your Personal Insurance Matters Too
- Life and Disability Insurance Tied to Your Acquisition Loan
- Seller Notes, Earnouts and a Big Uninsured Loss in Year One
- D&O Insurance for Search Fund Boards and Investors
- How to Report on Insurance to Your Investors and Board
Operational risks
- Cyber Risk During IT and Email Migration After You Buy a Business
- Funds Transfer Fraud: Why New Owners Are a Favorite Target
- Business Interruption Insurance When the Owner Was the Business
- Adding a Newly Acquired Company to Your Existing Policies
Lower your premium
- 12 Ways to Lower Premium After an Acquisition Without Cutting Coverage
- Workers' Comp Class Code Corrections: Fixing a Common Overpayment
- Payroll Estimates and Surprise Workers' Comp Audit Bills
- How to Check Your Experience Mod for Errors After an Acquisition
- Raising Deductibles the Smart Way After You Buy a Business
- Duplicate and Overlapping Coverage: What to Drop and What to Keep
- Remove the Vehicles, Drivers and Equipment You No Longer Have
- Can You Package Your Policies Into a Business Owner's Policy (BOP)?
- Pay-As-You-Go Workers' Comp and Payment Plans for New Owners
- Premium Financing for New Owners: When It Helps and When It Costs Too Much
Broker and market strategy
- How to Remarket an Inherited Insurance Program After an Acquisition
- Broker of Record Letters: Switching Brokers Without Switching Policies
- Admitted vs Surplus Lines: Is the Seller's Account in the Wrong Market?
- When to Remarket Business Insurance: Mid-Term or at Renewal?
- What Underwriters Want to See From a New Business Owner
Risk control that lowers premium
- Safety Programs That Earn Better Insurance Terms
- Fleet Telematics and Driver Standards for Lower Auto Premium
- Cyber Controls That Can Lower Your Cyber Insurance Premium
- Return-to-Work Programs: How Light Duty Can Lower Workers' Comp Claim Costs
- Contractual Risk Transfer: Making Subcontractors Carry Their Own Risk
- How to Close Old Open Claims and Clean Up Your Loss Runs
Insurance as a value lever
- Insurance Savings as an EBITDA Lever: What a Lower Premium Is Worth
- Insurance in Your Quality of Earnings Review: What to Adjust and Ask
- The Seller Was Underinsured, So True EBITDA Is Lower
- Budgeting Insurance in Your Acquisition Model
- Total Cost of Risk for Small Holding Companies
- How a Clean Loss History Can Raise Your Exit Value
- Consolidating Insurance Across Add-On Acquisitions
- One Insurance Program vs Separate Policies per Company
- Group Captives and Association Programs: When Is a Roll-Up Big Enough?
Industry checklists
- Just Bought an HVAC Company? Your Insurance Review Checklist
- Just Bought a Plumbing Company? Your Insurance Review Checklist
- Just Bought an Electrical Contractor? Your Insurance Review Checklist
- Just Bought a Pest Control Company? Your Insurance Review Checklist
- Just Bought a Commercial Landscaping Company? Insurance Review Checklist
- Just Bought a Home Care Agency? Your Insurance Review Checklist
- Just Bought a Property Management Company? Your Insurance Review Checklist
- Just Bought an Insurance Agency? Your Insurance Review Checklist
- Just Bought a Vocational or Trade School? Your Insurance Review Checklist
- Just Bought a Vertical Software Company? Your Insurance Review Checklist
- Just Bought a B2B Services Company? Your Insurance Review Checklist
- Just Bought a Specialty Distributor? Your Insurance Review Checklist
- Just Bought a Light Manufacturer? Your Insurance Review Checklist
- Just Bought a Healthcare Services Company? Your Insurance Review Checklist
- Just Bought a Managed IT Services Provider? Your Insurance Review Checklist
- Just Bought a Fire and Life Safety Company? Your Insurance Review Checklist
- Just Bought a Testing and Inspection Firm? Your Insurance Review Checklist
- Just Bought a Commercial Cleaning Company? Your Insurance Review Checklist
Buying a company: primers
- What Is Entrepreneurship Through Acquisition (ETA)?
- How Search Funds Work: Investors, Search and Acquisition
- Self-Funded Search vs Traditional Search Fund: Which Fits?
- How SBA 7(a) Loans Work When You Buy a Business
- Asset Purchase vs Stock Purchase When Buying a Business
- What Is a Letter of Intent When Buying a Business?
- Due Diligence Checklist for Buying a Small Business
- What Is a Quality of Earnings Report?
- How Small Businesses Are Valued: SDE, EBITDA and Multiples
- Seller Financing and Earnouts: What Buyers Need to Know
- Working Capital and the Peg Explained for Business Buyers
- Where to Find Businesses for Sale
- Questions to Ask a Seller Before You Buy a Business
- Red Flags When Buying a Business
- What Happens on Closing Day When You Buy a Business
- Your First 100 Days After Buying a Business
- Buying a Business vs Starting One From Scratch
- Buying a Franchise Resale: Approval, Fees and What Changes
- Buying a Family Business: Price, Leases and Records
- Buying a Business With a Partner
- How Much Cash Do You Need to Buy a Business?
- Business Broker vs Buying Directly From the Owner
- What a Business Purchase Agreement Covers
- Non-Competes and Transition Agreements When Buying a Business
- Employees, Customers and Vendors After You Buy a Business
- Licenses, Permits and Registrations When Buying a Business
- Buying an HVAC, Electrical or Plumbing Company: Who Holds the License?
- Add-On Acquisitions and Roll-Up Basics
- Reading a Small Business's Financial Statements Before You Buy
- How to Sell the Business You Bought: Exit Basics
Choosing a broker and comparing options
- Independent Broker vs Captive Agent After You Buy a Business
- Broker vs Buying Direct From a Carrier After an Acquisition
- Insurance Broker vs Online Insurance Platform for an Acquired Company
- The Seller's Broker vs Your Own Broker
- Lender-Recommended Insurance Agent vs Your Own Broker
- Retail Broker vs Wholesaler vs MGA: Who Does What
- National Brokerage vs Boutique Broker for a Roll-Up
- Local vs National Broker After You Buy a Business
- Specialist vs Generalist Broker for Your Industry
- Insurance Consultant vs Insurance Broker
- PEO vs Your Own Workers' Comp Policy After an Acquisition
- BOP vs Package Policy for an Acquired Business
- Tail vs Nose Coverage After an Acquisition
- Raise Your Liability Limits or Add an Umbrella After an Acquisition?
- Deductible vs Self-Insured Retention for New Owners
- How Insurance Brokers Get Paid: Commissions, Fees and Disclosure
- Questions to Ask an Insurance Broker After Buying a Business
- Red Flags in an Insurance Broker After You Buy a Business
- What Broker Onboarding Should Look Like After an Acquisition
- How to Run an Insurance Broker Selection Process After an Acquisition
- When to Change Insurance Brokers After You Buy a Business
- Best Insurance Broker for a Search Fund: How to Choose
- Best Insurance Broker for a Roll-Up or Holding Company: How to Choose
- Best Insurance Broker for an SBA 7(a) Business Buyer: How to Choose
- Best Insurance Broker for a First-Time Business Owner: How to Choose
Guides by industry
Six guides for each kind of business: what insurance you need after you buy, the gaps new owners find, what drives cost, workers' comp and payroll, contracts, licenses and bonds, and how to choose a broker.
- Auto repair shops: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Car washes: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Self-storage facilities: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Laundromats: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Child care centers: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Roofing companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Pool service companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Tree service companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Restoration companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Moving companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Solar installation companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Accounting and tax firms: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Staffing agencies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Marketing agencies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Machine shops: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Print shops: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Food distributors: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Bakeries: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Towing companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Equipment rental companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Convenience stores: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Campgrounds and RV parks: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- General contractors: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Concrete and paving contractors: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Garage door companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Flooring companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Painting contractors: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Fencing companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Restaurants: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Bars and taverns: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Gyms and fitness studios: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Hair salons and spas: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Dry cleaners: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Sign companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Security guard companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Courier and delivery companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Trucking companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Appliance repair companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Alarm installation companies: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
- Engineering and surveying firms: After you buy · Coverage gaps · Cost drivers · Workers' comp · Contracts, licenses, bonds · Choosing a broker
Frequently asked questions
I just bought a business. Where should I start with insurance?
Start by confirming which policies are in force, in whose name, and when they renew. Then gather the declarations pages, loss runs and key contracts and work through a full review. The first guide below walks through each step.
Do the seller's insurance policies transfer to me?
It depends on how the deal was structured and on each policy's terms. In many asset purchases the buyer needs new policies, and even in a stock purchase the insurer may need to be told about the change in ownership. Check with the carriers and your broker before you rely on the seller's coverage.
Can Morrow review the insurance I inherited?
Yes. Send Morrow the declarations pages, loss runs and key contracts. Morrow can review them against the business you bought, flag gaps and request quotes where it makes sense. New terms depend on carrier underwriting.
Just bought a business? Get your insurance reviewed.
Send Morrow the declarations pages, loss runs and key contracts you inherited. Morrow can review them against the business you bought, flag gaps and request quotes where it makes sense. Any new terms depend on carrier underwriting.
Morrow · 25 New Chardon Street, 4th Floor, Boston, MA 02114
This article is general information, not legal, tax or financial advice, and not a coverage determination. Coverage depends on the actual policy wording, carrier underwriting, your purchase agreement and your contracts. Ask your attorney and accountant about deal and legal questions.