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Why Now is a Good Time for a Check Up on Your Business Insurance

As a business owner, you have a lot on your plate. Dealing with COVID while trying to make a profit and keep your business growing are of paramount concern. In addition, there’s making payroll, staying competitive, complying with state and local regulations, etc., etc. It’s easy to overlook important changes that may have occurred in your business and need to be accounted for on your insurance policy.

Your annual policy renewal is a great time to consult with your independent agent and make sure you are properly protected. Exposures can change quickly in your business and it’s easy to forget that your insurance needs to adapt to these changes. Let’s look at a few areas to consider:

New Exposures

  • Did you add locations last year?
  • Did you add buildings to your current location?
  • Any new vehicles or drivers?
  • Do you have any new equipment that needs to be covered under an inland marine floater?
  • New products being manufactured/sold? This is critical because it could change the rating basis for your general liability.


Exposure Changes

  • Vehicles sold
  • Equipment sold
  • Locations sold
  • Reduction in inventory
  • Reduction in sales


New Coverages

As your operation grows, you should consider purchasing additional coverages to protect your business. Here are a few key coverages to discuss with your agent:


This checklist is a good start when reviewing your insurance exposures, but make sure you consider your business’s unique needs, as well. If we can help, please contact us!

The information above is of a general nature, and your policy and coverages provided may differ from the examples mentioned. Please read your policy in its entirety to determine your actual coverage available or speak with your independent agent.