An annual business insurance review is a key step in ensuring financial stability for any company. For small businesses — which often nimbly evolve to adapt to changing times and to the needs of their clients — it’s an especially critical practice.
So, it’s a good idea to set aside time every year to work with your insurance agent or broker to determine if your current policies are still providing the correct protection your business needs.
Businesses change. Yours may be experiencing staff growth; changing gears (literally) to switch over manufacturing to a new market-driven product; or selling off an underperforming property. These types of adjustments can expose a business to new risks and impact insurance coverage needs, sometimes dramatically.
A yearly business insurance review can help ensure:
In your review, you’ll likely cover key aspects of your business and any important updates, as well as your current insurance policies to see where changes might be warranted.
Before you meet with your insurance professional, it’s a good idea to gather pertinent information about any company changes over the past year. Some areas to think about are:
If it’s been more than a year since you’ve reviewed your business insurance, now is a good time to make an appointment with your insurance agent.
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.