As 2025 draws to a close, a comprehensive year-end policy audit is essential for both individuals and businesses to ensure their insurance coverage, compliance, and risk management strategies are up to date. This proactive review helps you avoid costly gaps, stay compliant with evolving regulations, and optimize your protection—especially if you hold specialized policies like umbrella insurance in Barrington, RI.

• Regulatory changes: New laws and compliance requirements often take effect at the start of the year, impacting everything from health benefits to liability coverage.
• Life and business changes: Major events—such as property acquisitions, business expansions, or family changes—can alter your insurance needs.
• Cost savings: Reviewing your policies may reveal opportunities to bundle coverage, adjust limits, or eliminate unnecessary riders.

1. Insurance Policy Coverage and Limits

 

• Home, auto, and business insurance: Confirm that coverage amounts reflect current property values and business operations.
• Umbrella insurance: If you have or are considering umbrella insurance in Barrington, RI, verify that your underlying policies (auto, homeowners, etc.) meet the minimum coverage requirements for umbrella eligibility. This extra layer of liability protection is crucial for safeguarding your assets against large claims or lawsuits.

 

2. Employee Benefits and Compliance (For Businesses)

 

• Health and welfare plans: Ensure plan documents are updated to reflect any discretionary changes made during 2025. Amendments for mandatory changes under recent legislation (such as SECURE 2.0) should be planned for before December 31, 2026.
• ACA and ERISA compliance: Review Affordable Care Act (ACA) reporting deadlines and confirm that all employee notices and disclosures are distributed on time.
• Fiduciary oversight: Document oversight of service providers, review fees, and update cybersecurity policies for plans holding sensitive data.

 

3. Payroll and HR Records

 

• Audit employee data: Verify accuracy of names, Social Security numbers, addresses, and benefit selections to ensure correct year-end tax reporting.
• Reconcile payroll: Match gross-to-net calculations, benefit deductions, and bonuses to vendor and tax reports.
• Review paid leave balances: Ensure PTO, vacation, and sick leave policies comply with new thresholds and are reset or carried over as appropriate.

 

4. Risk Management and Liability

 

• Umbrella insurance review: Evaluate your umbrella insurance in Barrington, RI to ensure it aligns with your current risk profile. This policy can provide vital protection beyond standard liability limits, especially for high-net-worth individuals or businesses exposed to litigation.
• Business liability: Assess general liability, professional liability, and cyber liability policies for adequate coverage in light of recent claims trends and regulatory scrutiny.

 

5. Documentation and Policy Updates

 

• Update handbooks and policies: Confirm that employee handbooks and workplace policies reflect the latest legal requirements, including wage-and-hour, paid leave, and anti-discrimination laws.
• Maintain compliance records: Keep thorough documentation of your annual review, amendments, and compliance activities for audit readiness.

• Schedule a meeting with your insurance advisor to discuss any changes in your personal or business circumstances.
• Request a policy review to identify gaps or overlaps in coverage, with special attention to umbrella insurance Barrington, RI residents are currently availing.
• Stay informed about upcoming regulatory deadlines and compliance requirements for your industry.

 

Nickerson Insurance Agency is committed to helping you navigate year-end policy audits with confidence. Whether you need guidance on employee benefits, risk management, or optimizing your umbrella insurance in Barrington, RI, our team is here to ensure you enter 2026 fully protected and compliant.

 

Contact us today to schedule your year-end policy review and secure peace of mind for the year ahead.