Hi Ben Lewis Since your policy is still in simulation mode, it won’t trigger any real actions or alert that’s expected. But you should still see policy matches in Content Explorer. If nothing shows up there, it might be that your test content isn’t hitting the match thresholds especially with sensitive info types like US Passport or Driver’s License, which can require multiple instances or higher confidence levels.
That "No Policies created yet" message is often just a UI issue or location filter mismatch. Try refreshing or checking under the correct workload (Exchange, SharePoint, etc.).
Also, make sure audit logging is enabled, and if you're expecting email notifications, you’ll need to create a separate alert policy in Microsoft Defender, since DLP policies don’t trigger alerts by default.
Lastly, M365 Business Premium does support core DLP features across Exchange, SharePoint, OneDrive, and Teams.
You can refer to this Microsoft doc for a clear breakdown of what’s included: Microsoft 365 Business Premium – Compliance Capabilities
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