Why an Annual Business Insurance Review Could Save You Thousands

Business insurance is one of the smartest investments you can make—but it’s not a set-it-and-forget-it kind of thing. As your business grows, so do your risks. And if your business insurance hasn’t kept up, you could be leaving critical areas of your operation exposed.

Think about it: maybe you started with a laptop and a dream. Today, you’ve got a team, equipment, maybe even multiple locations. But if your business insurance is still based on where you were a few years ago, you might be underinsured—and that can be a costly mistake.

That’s why an annual business insurance review is so important. It helps ensure your coverage reflects where your business is now, not where it used to be.

Think About How Far You’ve Come…

Maybe you launched your business with just a laptop and a rented desk. Fast forward to today, and you’ve got a team, equipment, vehicles, and maybe even multiple locations. If your insurance hasn’t changed much since then, there’s a good chance you’re underinsured—and that can put your hard-earned progress at risk.

That’s why an annual insurance review is a must. As your operations expand, so do your exposures. Reviewing your policies regularly helps ensure you’re protected from the financial impact of accidents, lawsuits, or unexpected disruptions.

What Should Your Annual Business Insurance Review Include?

Most businesses start with the basics—like general liability and commercial property coverage. But as your business evolves, so do your insurance needs. Depending on your situation, you might also need:

• Umbrella/Excess Liability – Extra protection for large claims that exceed standard policy limits.
• Workers’ Compensation – Required in most states if you have employees. Covers workplace injuries and lost wages.
• Professional Liability – Protects you from claims of mistakes in the services you provide.
• Hired and Non-Owned Auto – Covers accidents involving personal or rental vehicles used for business.
• Commercial Auto – For business-owned vehicles and activities not covered by personal auto insurance.
• Employment Practices Liability – Helps protect against claims related to hiring, firing, harassment, or discrimination.
• Directors and Officers Liability – Shields company leaders from lawsuits tied to their decisions.
• Employee Benefits Liability – Covers errors in administering employee benefits, such as missed COBRA notifications.

Key Areas to Evaluate

During your annual review, consider these important changes:

• Revenue – Increased sales can mean increased liability.
• Property – Have you added new equipment, computers, or inventory?
• Locations – Opened, moved, or closed any locations recently?
• Travel – Are employees driving rented or personal vehicles for work?
• Staffing – Hired more employees or had higher turnover? You may need additional workers’ comp or HR-related coverage.
• Services – Offering something new? You may need to update or add endorsements to stay covered.
• Clients – Serving new industries? Some client types may carry higher risks that affect your liability needs.

Next Steps…

Insurance isn’t a one-time purchase—it should grow and adapt as your business does. Even if nothing major has changed, a quick annual check-in can help uncover gaps before they become costly surprises.

Let’s make sure your coverage still fits your business. Schedule your annual business insurance review with us today—we’ll walk through all the right questions and help you stay protected for whatever comes next.