Review Your Business Insurance Annually

Have you set up your annual business insurance review?

The start of a new year is always an exciting time in business.  We set our revenue goals, establish the new budget, and target new customers and lots of new goals and aspirations.  All of the planning is exciting but let’s not forget to review and determine if your commercial business insurance needs changing as well.  All too often, we just plug it in as the same expense of last year without giving serious thought to risk exposure and the changes and growth seen by our business.

Whether you carry a Business Owner’s Policy, or separate policies covering your Liability and Property and Casualty insurance needs, the beginning of the first quarter is always a good time to do risk planning and assessment.  We suggest sitting down with your insurance agent early in 2014 for a formal business insurance review.

What should be looked at and discussed? Let’s start with your business property and casualty insurance.  Since purchasing the policy, has your inventory grown? Have you added new equipment?  Increased office space? Added new phone or computer systems?  As your business grows, it’s important to make sure your policy coverage grows with your business.

Starting out, many business owners carry minimum coverage to save on premiums and often are working on a shoe string budget with equipment and inventory. Have you changed coverage as your business has grown? Review your present coverage on your property and casualty insurance to make certain your business is protected in today’s dollars.  Make sure to review your vehicle coverage and include new employees that may be driving your company vehicles.

On the subject of employees, make sure to review your worker’s compensation coverage with your insurance agent as well.  This is the time to also review your employee benefits package with your agent.  Make sure you are up to date with all the new changes the affordable care act brings in 2014.

Finally, review your general liability coverage with your insurance agent.  Is your present coverage still enough?  If your income and revenue have grown substantially, it may be time to consider a larger coverage limit, a commercial umbrella, or perhaps even a professional liability policy to supplement your current policy.

As you can see, there are plenty of things to think about regarding your risk planning in 2014 in addition to the revenue planning for your business.  The easiest way to start is to give your commercial broker a call and schedule a review.

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