A policy schedule is useful, but it is not the whole contract. The wording contains definitions, exclusions, extensions, conditions, and claims procedures that can matter when a loss occurs.
For example, a business interruption claim may depend on revenue records, insured damage, indemnity periods, gross profit calculations, and whether the interruption is caused by an insured event. A property claim may depend on maintenance, security, occupation, or valuation.
The right time to understand these issues is before a claim. Once a loss has happened, the business may be under pressure and important evidence may be harder to reconstruct.
Users do not need to become wording experts. They do need to know which wording issues are most relevant to their situation and what evidence should be kept.