Insurance Broker Onboarding After You Buy: 90 Days

Good broker onboarding after an acquisition is a dated plan, not a welcome email. Before closing and in the first week the broker confirms what is in force and in whose name, in the first month it reviews the full policies, by day 60 it has delivered a written gap list and acted on the urgent items, and by day 90 it has set a renewal plan. This guide is for new owners, including entrepreneurship through acquisition (ETA) searchers and Small Business Administration (SBA) borrowers, who want to know what to expect from a broker and how to tell if onboarding is on track.

The short answer

Week one is about safety: confirm every policy in force, the named insureds, the lender's requirements and who to call on a claim, and start the ownership change notices.
Days 7 to 30 are intake and review: full policies, endorsements, loss runs, schedules and contracts, then a written coverage summary.
Days 30 to 60 produce the gap list and the urgent fixes, and days 60 to 90 set the renewal plan.
Some deadlines come from the policy itself: in states that use the National Council on Compensation Insurance (NCCI) manual, the workers' compensation policy requires you to report an ownership change within 90 days of the change, so start it in week one.
A quote is not coverage. Ask for written confirmation that each change has been bound and for the endorsement itself.

What should happen in the first week after closing?

The first week is about making sure nothing has lapsed and everyone knows whom to call. A good broker does these things, usually with your help:

Confirms what is in force. A list of every policy, insurer, policy number, expiration date and premium, matched to the entity you bought.
Checks the named insured. The legal names on each policy should match the company that now owns the assets and runs the operations. See wrong named insured after an acquisition.
Confirms the structure. In a stock purchase the policies generally stay with the company, subject to any change-in-control terms in the policy. In an asset purchase the seller's policies generally do not transfer without the insurer's consent. Workers' compensation, general liability and any lender-required coverage should be bound effective at closing (workers' compensation and lender-required coverage are usually mandatory, so confirm with your lender and your state). Ahead of closing the broker should have confirmed those binders. In week one it checks that the binders and endorsements actually arrived. See what happens on closing day.
Maps the lender's requirements. The broker reads the loan agreement for required coverages, clauses and notice, and confirms the clauses are on the policies. See SBA lender insurance requirements.
Sets up claims and certificate routes. Who reports a claim, who issues certificates, and how fast, written down.
Starts the ownership change notices. In states that use the National Council on Compensation Insurance (NCCI) manual, the workers' compensation ownership change report has a 90 day clock from the change, so it belongs in week one, not at the end. Your broker should say which rule applies in your state.
Flags claims-made policies. These cover claims reported while the policy is in force. The broker asks who is buying tail coverage (an extension that covers claims reported after a policy ends) on the seller's professional, directors and officers (D&O) or employment practices liability policies, and by when, and checks each policy's retroactive date. See tail vs nose coverage after an acquisition.
Builds a renewal calendar. Any renewal inside the next 60 days moves to the front of the plan.
Names the team. A day-to-day contact, a backup and the person leading the review.

If any policy lapsed or lists the seller, flag it the same day. See when policies still list the seller.

What does the full 90-day timeline look like?

The windows below are an illustrative framework for comparing brokers, not an industry standard, a regulatory deadline or a service commitment by Morrow. Your renewal dates, deal structure and lender may compress or stretch them.

A 90-day broker onboarding timeline
When	What the broker does	What you provide	What you should see
Before closing, if involved	Reviews available policies and loss runs, flags issues for the purchase agreement and lender	Seller's written authorization for the broker to share documents, the deal timeline	A short pre-closing memo and a list of open items
Days 1 to 7	Confirms coverage in force, named insureds and lender terms, sets up contacts. Starts the workers' compensation ownership change report and confirms which other policies need notice of the change	Closing documents, entity chart, loan agreement	A one-page list of policies, dates and contacts
Days 7 to 30	Collects full policies, endorsements, loss runs, schedules and key contracts; reads them. Files the ownership change report and keeps the confirmation	Payroll, locations, vehicle and driver lists, equipment, contracts	A written coverage summary with questions answered
Days 30 to 60	Delivers a gap list in priority order, requests quotes for urgent changes, updates certificates and lender evidence	Decisions on which gaps to close and budget	A gap list, quote comparisons with matching coverage, written binding confirmations
Days 60 to 90	Confirms the ownership change report was accepted and the new entities are scheduled on the policies, builds a renewal and remarketing plan, sets a review cadence	Updated payroll and operations plans	A renewal calendar and a summary suitable for your board or investors

The same plan applies if the incumbent broker does the onboarding. Ask it for the same dated deliverables.

Documents for the broker are listed in what documents you need for an insurance review. The owner-level view of the same period is your first 90 days of insurance.

What should you hand the broker, and what should you get back?

Inputs and deliverables
You provide	The broker returns
Declarations pages, full policies and endorsements, loss runs for the last several years	A plain-English coverage summary by line, with limits, deductibles, exclusions and claims-made dates. See loss runs and occurrence vs claims-made
The purchase agreement, entity chart and closing date	A check of named insureds and any structure issues
Customer, landlord and vendor contracts with insurance clauses	A comparison of required coverage to what you carry. See check customer contracts against your policies
Payroll by role, locations, vehicles and drivers, equipment lists	Updated schedules and a note on where estimates may drive premium
The loan agreement and lender contacts	Evidence of coverage with the clauses the lender requires, checked on the policy
Your plans: add-ons, new locations, hiring, new services	A short list of how those plans change coverage needs

Ask for these in writing, with dates. If a deliverable is missing at its date, ask for the reason. The most useful single output is the gap list, because it turns a review into decisions. What a business insurance review is describes it in more detail.

Does onboarding change if I bought the assets instead of the company's stock?

Stock purchase vs asset purchase onboarding
Topic	Stock purchase	Asset purchase
Policies	Usually remain in force with the company, so the broker reviews and updates	Seller's policies generally do not carry over, so the broker builds new policies for the buyer's entity
Claims history	Comes with the company	Stays with the seller's policies, but exposure to past work can follow. See successor liability in an asset purchase
Workers' compensation	Report the ownership change to the insurer (90 days in NCCI states; confirm your state's route). The business's claims record (its experience rating) generally follows it	New policy needed. In states that use the NCCI manual, an asset purchase still counts as an ownership change to report within 90 days, and the seller's experience can transfer to the buyer. Some states use their own bureau and forms
Claims-made policies	Check the retroactive date (the earliest date of work covered) and any terms triggered by a change in control. See prior acts and tail coverage	The seller may need tail coverage, and you may need an early retroactive date
Broker relationship	The incumbent broker is already the company's broker	Fresh choice of broker for new policies

Deal counsel and your accountant decide structure and tax. The broker's job is to match the insurance to whichever structure you chose.

Which time-sensitive items should onboarding catch?

Workers' compensation ownership report. Where your state follows NCCI rules, report the change to the insurer within 90 days, and keep the confirmation. In those states the policy requires the employer to report an ownership change within 90 days of the change, whether or not an experience modification (the "mod," a multiplier based on your claims history) applies. A late report may be treated as an attempt to avoid the mod under NCCI rules, and a recalculated mod can apply back to the date of the change, up or down. Some states use their own rating bureaus and forms, and a few states run monopolistic state funds, so your broker should say which route and which form or online tool applies to your state. See review your experience mod for errors.
Newly acquired entities. Some liability forms cover a newly acquired organization automatically, but only briefly and with limits. In the standard Insurance Services Office (ISO) general liability form the treatment lasts until the 90th day after the acquisition or the end of the policy period, whichever comes first, so it can be shorter than 90 days. It does not apply to limited liability companies (LLCs), partnerships or joint ventures that are not listed as named insureds, it does not cover injury or damage that happened before the acquisition, and it generally does not apply if the acquired company has its own similar insurance. It only helps if you already carry the policy, which is why it mainly matters to a holding company doing an add-on. Wording varies, so the broker should read yours and add each entity by endorsement.
Claims-made policies. Directors and officers (D&O), professional, cyber and employment practices liability policies are often claims-made. Many D&O policies have change-in-control wording that can turn coverage into run-off (no cover for conduct after the deal) at closing, other claims-made lines may or may not, and notice may be due within a set time. Tail options and the retroactive date should be settled with deal counsel before or at closing, not at day 30.
Lender evidence. A basic loss payee clause is not the same as a lender's loss payable clause. SBA's policy manual calls for a lender's loss payable clause (or a substantial equivalent) on personal property collateral and at least 10 days' notice of cancellation to the lender on required hazard insurance. Ask the broker to confirm the clauses on the policy itself.
Certificates. Seller-issued certificates may name the wrong entity. See certificates the seller issued and tracking certificates in the first month.
Payroll and audit. Workers' compensation premium is an estimate trued up by audit, so wrong payroll or class codes grow into a bill.

A hypothetical example. A buyer closes a stock purchase on the first of the month. By day 7 the broker has sent a one-page list of policies, noticed that the lender's loss payable clause was missing from the equipment schedule, asked who is buying tail coverage on the seller's claims-made policies, and started the ownership change report on the workers' compensation policy. By day 30 it has filed that report, read the full policies and checked the retroactive dates, and it has flagged one claims-made policy whose retroactive date was recent, so earlier work might not be covered. The buyer takes it to deal counsel and the insurer. By day 45 it has a gap list in priority order and quotes for two changes. By day 75 it has confirmed the report was accepted and set a renewal calendar. Each step had a date and a document, which made it easy for the buyer to see what was done.

How do you tell if onboarding is on track?

Use these checks at day 7, day 30 and day 60:

Day 7: Can the broker show you a current list of policies and dates, with the entity names, and do you know who to call about a claim?
Day 30: Did it ask for the full policies, not just declarations pages, and do you have a written coverage summary?
Day 30: Was the workers' compensation ownership change report started in week one and filed by day 30, with a confirmation you can read?
Day 60: Do you have a gap list with dates?
Day 60: For every change, do you have written confirmation that the insurer bound it, and a copy of the endorsement?
Day 60: Do your lender and key customers have the evidence they need?

A quote is an offer and a request is not coverage. Until the insurer confirms binding in writing, treat the change as not in force. If the checks slip, ask in writing and see red flags in an insurance broker. Before hiring, questions to ask an insurance broker includes the onboarding questions to put to each candidate.

Where does Morrow fit?

Morrow is the brand of Afthonea Inc., an insurance agency in Boston that focuses on business insurance. It can review inherited policies, flag gaps and request quotes, working alongside your lender and deal counsel. Ask Morrow for the dated plan before you hire it. It does not issue policies, decide coverage or promise terms, and a quote request is not bound coverage. Morrow is licensed in Arizona, California, Colorado, Florida, Georgia, Illinois, Louisiana, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas and Virginia only.

You may be better served elsewhere if your business is in another state, if you need life, disability or health benefits advice, or if you run a very large complex program that needs a dedicated service team. Whoever you choose, ask for a dated plan like the one above.

Keep reading

Frequently asked questions

How long should it take a broker to onboard a new business owner?

There is no standard. A reasonable pattern to ask for is a policy list in the first week, a coverage summary within the first month and a gap list with quotes for urgent fixes by days 30 to 60, all depending on documents and renewal dates. Ask each broker to commit to dates in writing.

What should a broker send me in the first week after I buy a business?

A list of every policy in force with insurer, number, expiration date and named insured, the lender's insurance requirements, and named contacts for claims and certificates. If something has lapsed or lists the seller, they should flag it right away.

Do I need to report the sale to my workers' compensation insurer?

Usually yes. That includes an asset purchase into a new company. In states that use the National Council on Compensation Insurance (NCCI) manual, the policy requires reporting an ownership change within 90 days. Some states use their own bureaus and forms, and a few have state funds. Ask your broker which applies.

Does my broker have to be involved before closing?

No, but it helps. A broker can review policies and loss runs and raise issues for the purchase agreement and lender. The seller's broker may need the seller's written permission to share documents with you before closing.

How do I know a policy change is actually in force?

Ask for written confirmation from the insurer that the change was bound, and a copy of the endorsement. A quote, an email request or a certificate alone is not proof that coverage is in force.

My broker sent a welcome email and nothing else. Is that normal?

It is common, but it is not onboarding. Ask for the week-one policy list and a dated plan for the coverage summary and gap list, in writing. If the dates slip, ask for the reason in writing and compare the pattern with the warning signs in the red flags guide.

References

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.

Request a review Check a contract

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.

What Broker Onboarding Should Look Like After an Acquisition