3 Reasons You Should Review Your Insurance Annually

Let’s be honest.  Insurance isn’t the most exciting or glorious part of operating a business.  It’s something most people would like to set and forget, but it’s important to review your policies annually for several reasons.

Things Change

First and foremost, your business needs can change.  During an insurance review, your agent will most likely ask questions about the business operations, staffing, revenue, etc.  These questions are important because you may have adjusted your business throughout the year without realizing it could affect your insurance. For example, things like offering a new product or service, downsizing your office space, offering delivery services, or increasing staff can all play a part in determining your coverage and premium. The more your agent knows about your business, the more he/she will be able to make appropriate recommendations to meet your needs.

Savings Opportunities

This is the prime time to make sure you’re taking advantage of any discounts or savings options. Insurance companies can come out with new discounts, and changes to your business may qualify you for discounts or savings you weren’t previously eligible for. Some companies even offer discounts for going paperless or switching payments from direct bill to automatic draft.


It’s always better to be safe than sorry when it comes to coverage, and proactive is a much better approach than reactive.  It’s important to read through your renewal documents for limits and exclusions (yes, actually read them), then discuss any questions or concerns with your agent. An insurance review can help identify any potential coverage gaps, or maybe even point out coverages you no longer have a need for. If a particular loss scenario keeps you up at night (we all have at least one), talk to your agent to find out if your policy already has the appropriate coverages. If so, you can rest a little easier. If not, you can proactively discuss alternate solutions to fill any coverage gaps.

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