Best Times to Revisit Your Business Insurance Coverage

Best Times to Revisit Your Business Insurance Coverage

Businesses are always in motion. When they are not riding the waves of success, they are fighting drowning in problems. Everyday brings new opportunities and challenges. It can be tempting to believe that once you choose a business insurance policy that is one task that is out of the way. Because businesses are fluid, situations change. That means business insurance coverage may need to be adjusted. It can help to use these changes in your business as cues to update your business loss prevention program. Here are some of the situations that should prompt you to revisit your business insurance coverage.

When You Change Business Locations

If you started your business at home and moved it to a rented space or a building you have purchased, it is important your business insurance coverage grows with you. Your financial and liability risks are likely to increase. A business insurance review would be prudent.

When You Make an Upgrade in Inventory or Equipment

Another point at which you should review your business insurance is when you purchase a significant piece of equipment, upgrade systems or add a large amount of inventory. This would include adding any company-owned vehicles. When you have more at stake, you have more at risk and your business insurance should protect against that growing risk.

When You Add Employees or Show an Increase in Sales

Growth can occur so gradually in business it may be happening before you fully recognize it. If your year-to-date sales are showing significant trends upward, its time to revisit your business insurance plan.

If There’s a Change in Ownership or Business Structure

If you’ve added a partner, bought out a partner or incorporated, your business insurance should reflect these changes. These changes should trigger a review.

Business insurance should be reviewed annually, and especially if any of the above changes occurred in your business. As independent insurance agents, our professionals are qualified to review the business insurance policies issued by any company. If you are due for a business insurance review contact us today.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Search All Blogs

Generic filters

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters

Read More Blogs

The Uninsured Gap: Why Small Businesses Are Missing Crucial Protection

Why small businesses need more insurance.

Beyond “How Was Your Day?”: Engaging Your Kids with Deeper Questions

Get your kids talking with these open-ended questions.

The Rise and Fall (and Possible Return?) of the American Minivan

The minivan’s journey: from family icon to potential comeback.

Out with the Old: 7 Home Upgrades That Pay You Back

Upgrade these 7 outdated home features now.

America’s Linked Cities: Six Communities Forever Entwined

Discover America’s famously linked cities.

Navigating Price Increases: How to Retain Customers During Inflationary Times

Retain customers during price increases with these tips.

Beyond the List: What Your Bucket List Really Says About You

The hidden meaning and power of your bucket list.

Taking the Wheel: How You Control Your Car Insurance Costs

Control your car insurance costs with these tips.

Beyond the Walls: Maximizing Your Home’s Outdoor Living Potential

Unlock your home’s outdoor living potential.

The Welcome Mat: 5 Surprising Values of Your Home’s Unsung Hero

The surprising value of your welcome mat.