4 Signs to Review your Business Insurance  

In the unexpected event of a weather disaster, cyber-attack, or business accident, make sure you can rest easy as a business owner knowing you’re protected. As your business changes, your insurance policy should reflect your current situation.  

Signs to reevaluate your business insurance  

  1. Your Operation has Grown or Downsized 

If your business has experienced growth, make sure you have enough coverage and your limits are adequate. Your policy may need to be updated to reflect the success you’re experiencing. Contrarily, if you’ve downsized, it’s important to let your agent know as you may be able to reduce your coverage and save money.  

  1. Premium Increased  

If your premium increased and you don’t know why, it’s a good idea to meet with your agent. Perhaps there are new or improved coverages you were unaware of. Staying in contact with your agent throughout the year will eliminate any surprises. 

  1. Bought New Equipment or Products 

If you recently updated or purchased new equipment or acquired new products, your coverage may no longer be enough in the event of a loss. Your agent can help you evaluate the value of your business assets. Equipment breakdown coverage can protect you from expensive repair costs if you experience a breakdown. 

  1. Operational Changes 

Did you renovate or expand your office? Add a new security system? These changes can have an impact in the event of property loss or damage. If you purchased a new business vehicle, make sure your commercial auto policy is updated. If you made changes to the number of staff you employ, workers’ compensation can keep both you and your employees safe. Tell your agent about any business operational changes. 

Don’t wait for an incident to happen to find out you’re not properly insured. Our goal is always to ensure there are no gaps as your business changes. Scheduling an annual review and keeping regular communication with your insurance agent can provide you peace of mind as a business owner.