Examination of your books and records: the insurer may examine and audit the insured's books and records as they relate to the policy, at any time during the policy period and up to three years afterward. A payroll audit in month six is allowed. Records that have nothing to do with the policy, such as the owner's personal investment statements, are outside this right.

Inspections and surveys: the insurer may inspect the premises, give reports and recommend changes. Doing so does not promise that the premises are safe or meet any code. A recommendation by itself is not a ground to cancel. In California, though, §676.2(b)(5) allows cancellation when the insured fails to implement reasonable loss control requirements it agreed to as a condition of issuance, and that failure materially increases the risk.

Premiums: the first named insured is responsible for paying all premiums and is the one who receives any return premium, even if several insureds split the cost among themselves.

Transfer of your rights and duties: a named insured's rights and duties under the policy cannot be transferred without the insurer's written consent. The built-in exception is the death of an individual named insured. An agent's casual oral okay is not written consent, and a new LLC is a different legal entity from its owner.

Practical tip: because the first named insured cancels, pays, receives return premium and requests changes, an account with several entities should list first the entity that will run the policy.