Growth, new equipment, new services, and other operational changes can be useful triggers for a business insurance conversation.
Five times a business should review its insurance
Business insurance should reflect how your company actually operates. Consider scheduling a review when any of these changes occur.
1. You add a location
A new office, shop, warehouse, or home-based workspace can change property, liability, equipment, and operational exposures.
2. You buy equipment or increase inventory
Significant purchases can affect property values and the amount of protection a business may want to discuss.
3. You launch a new product or service
New work can create different liability, professional, cyber, or contractual considerations.
4. You hire employees or change payroll
Staffing changes may affect workers’ compensation and other business obligations or coverage needs.
5. You add vehicles or change how they are used
Personal and commercial vehicle use should be described accurately. New drivers, routes, deliveries, equipment, or vehicle ownership can all matter.
An annual review is useful, but do not wait for the calendar when operations change substantially.