Corporate insurance · A CFO's checklist
The CFO's corporate insurance checklist
A plain, twelve-policy checklist for the person who signs off on cover. For each policy: what it actually protects, where it stops, and the day it earns its place — written for a technology company's risks, and honest about the gaps.
You're usually the one who signs off on the cover — and, later, the one asked why a claim wasn't paid. A checklist won't carry that for you. But it does mean nothing important gets discovered on the worst possible day.
The twelve policies below are grouped by the stage most companies need them. Work down the list and mark where each one stands for you — already in place, due for a review, or a gap that needs action. Nothing here is advice on a specific policy or insurer; it's a way to see your whole cover in one view.
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Foundational cover
The cover almost every company needs from day one — the basics that protect your premises, your people, and your equipment.
Commercial General Liability (CGL)
What it covers
- Bodily injury to third parties (clients, vendors) on your premises.
- Damage to third-party property caused by your employees or business operations.
- Advertising injury (e.g. copyright infringement in marketing).
Where it stops
- Professional mistakes or coding errors (covered by E&O).
- Employee injuries (covered by Employee's Compensation).
- Cyber breaches and data-loss events.
When it earns its placeA visitor trips over a cable in your office, is seriously injured, and sues for medical expenses.
Employee's Compensation (EC)
What it covers
- Statutory medical expenses and lost wages for work-related injuries.
- Liability from common-law lawsuits filed by employees for negligence.
- Occupational diseases (e.g. carpal tunnel syndrome for developers).
Where it stops
- Injuries sustained outside the course of employment.
- Self-inflicted injuries, or injuries sustained under the influence.
When it earns its placeAn employee sues for negligence in providing an ergonomic setup after developing a repetitive strain injury.
Office Package Insurance
What it covers
- Damage to office building and contents (laptops, furniture, servers).
- Burglary, theft, or robbery of office equipment and assets.
- Electronic equipment breakdown for critical hardware.
Where it stops
- General wear and tear, or gradual deterioration.
- Software or data loss (covered by Cyber Insurance).
- Acts of terrorism (often requires a specific policy extension).
When it earns its placeA fire in the server room destroys critical hardware, forcing a temporary office rental and equipment replacement.
Growth-stage cover
As you raise money, sign larger clients, and take on more responsibility, these policies protect the decisions you make and the promises you keep.
Directors & Officers (D&O) Liability
What it covers
- Legal defence for allegations of wrongful acts by management.
- Claims from investors for misrepresentation or misleading statements.
- Lawsuits from regulators for management or compliance failures.
Where it stops
- Fraudulent, criminal, or intentionally non-compliant acts.
- Claims covered by other policies (e.g. CGL, E&O).
- Legally uninsurable fines and penalties.
When it earns its placeAn investor group sues the board, alleging misleading projections during a funding round.
Errors & Omissions (E&O)
What it covers
- A client's financial loss due to software bugs or performance failures.
- Failure to deliver a promised service or meet contractual obligations (SLAs).
- Allegations of negligence in providing professional services.
Where it stops
- Intellectual-property theft (requires specific IP coverage).
- Intentional wrongdoing or false promises.
- Bodily injury or property-damage claims (covered by CGL).
When it earns its placeYour SaaS platform outage causes significant financial losses for clients, who then sue for damages.
Cyber Insurance
What it covers
- Data-breach notification costs, credit monitoring, and PR expenses.
- Business-interruption loss from a system shutdown after an attack.
- Regulatory fines and penalties (e.g. under India's DPDP Act).
- Data recovery, forensics, and ransomware payment costs.
Where it stops
- Loss of funds from social engineering (covered by Cybercrime).
- Costs to upgrade technology infrastructure post-breach.
- Reputational harm that doesn't result in a direct financial loss.
When it earns its placeYour customer database is hacked, leading to regulatory fines and third-party lawsuits for data exposure.
Keyman Insurance
What it covers
- A lump-sum payout to the company on the death or critical disability of a key person.
- Funds that can be used to manage business disruption and hire a replacement.
Where it stops
- The policy pays the company, not the individual's family.
- Suicide in the initial policy period (typically one to two years).
- Non-disclosure of pre-existing medical conditions during application.
When it earns its placeA founder passes away unexpectedly, jeopardising a crucial funding round and investor confidence.
Scale-up cover
Once you're moving money, goods, and vehicles at scale, these policies close the gaps that only appear at size.
Cybercrime Insurance
What it covers
- Direct financial loss from social engineering, phishing, or impersonation fraud.
- Fraudulent fund transfers by an external party tricking an employee.
- Computer fraud (hacking into systems to transfer funds) and telephone fraud.
Where it stops
- Data-breach response costs (covered by Cyber Insurance).
- Theft committed by your own employees (covered by Crime Insurance).
When it earns its placeAn accountant is tricked by a spoofed "CEO email" into wiring substantial funds to a fraudulent account.
Crime Insurance
What it covers
- Employee dishonesty and internal fraud, including embezzlement.
- Forgery or alteration of cheques and other financial instruments.
- Theft of money or property from company premises by third parties.
Where it stops
- Indirect losses resulting from the crime.
- Cybercrime events like phishing (covered by the Cybercrime policy).
- Inventory shortages found at stocktake with no clear evidence of theft.
When it earns its placeA finance employee creates fictitious vendors over six months to embezzle company funds.
Trade Credit Insurance
What it covers
- Non-payment of receivables from a customer due to insolvency or bankruptcy.
- Protracted default (a customer fails to pay after an extended period).
- Political risks in export markets that prevent payment.
Where it stops
- Disputed debts (e.g. a client refuses to pay due to poor service).
- Sales made to customers already known to be bad debtors.
- Losses that fall below the agreed policy deductible.
When it earns its placeYour largest enterprise client — around a third of revenue — declares bankruptcy, leaving a large unpaid invoice.
Marine Insurance (Cargo)
What it covers
- Loss or damage to goods (e.g. imported servers, hardware) while in transit.
- Risks like theft, accidents, fire, sinking, and other transit perils.
- General average charges (costs incurred to save the vessel or cargo).
Where it stops
- Inherent defects of the goods, or insufficient packaging.
- Financial losses resulting from transit delays.
- Wilful misconduct or fraudulent acts by the insured party.
When it earns its placeA container holding your new high-value servers for a data-centre buildout is lost at sea during a storm.
Fleet Insurance
What it covers
- Multiple company-owned vehicles under a single, manageable policy.
- Simpler administration with one renewal date and point of contact.
- Potential premium savings compared with insuring vehicles individually.
Where it stops
- Vehicles used for personal use unless specifically endorsed.
- Standard exclusions like general wear and tear, or mechanical breakdown.
- Vehicles not registered in the company's name.
When it earns its placeYour sales team runs ten company cars, and managing separate policies has become an administrative burden.
NoteThis checklist is a general guide for reviewing your corporate cover; it isn't advice on a specific policy or insurer, and nothing here is an offer. Which policies you actually need, and how each one applies, depends on your organisation, your contracts, and the way each policy is worded — which is what a conversation is for. Exclusions shown are illustrative, not exhaustive.
What happens when you talk to us
A 20-minute video call with a Growth Advisor — no obligation, and no quote pushed. It opens with a five-minute video from our founder on how the benefits stack works and why Ethika exists; the rest is your questions. You'll leave with an honest read on your current cover and claims experience, and a straight answer on whether we can genuinely help — even if you never become a client.
20 minutes with a Growth Advisor. No obligation.
A note on this page. Everything here is general information, not insurance, legal, financial or tax advice, and nothing is an offer. For advice about your situation, talk to us.