Annual Insurance Review

Why does my commercial insurance agent want to do an annual review?

We have always recommended using your licensed insurance professional as a trusted advisor just like your attorney and accountant. At minimum, we suggest meeting with your commercial agent/broker once a year. That meeting should typically take place 30-60 days prior to the expiration of your business insurance policies. It’s important to review any changes in your business and staffing to insure your business is still properly covered. If your agent doesn’t feel its necessary, it’s time to look elsewhere.

Here is a sample checklist of what you as the business owner should have prepared:

  • Has the name of the business changed? Logo?
  • Has the mailing address changed? Any new locations?
  • Has the scope of the business changed or new services offered?
  • Has the building or space been expanded? Any upgrades?
  • Do you have a product and equipment inventory? Have you purchased any new business or technology equipment? New vehicles? Range of service increased/decreased?
  • Have you added a security system?
  • Are you backing up computer systems off site?
  • What is the revenue this year? Change? Forecast?
  • Are your operating costs up or down? Why?
  • How many new employees? Driving record checks? Forecast?
  • Has your compensation increased? Any new management staff? Ownership changed?
  • Is professional liability insurance needed? (Your agent can help you determine)
  • Do you have a current financial statement? Current policies?

Your insurance advisor wants to be part of your team and help you succeed. Make it easy for them by helping them understand your business and your vision for your business. Obviously, your business may need to cover other items; your agent can help you determine if other information may be needed.

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Workers' Comp
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