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When Should I Review My Business Insurance?
New hires, new space, new services: here's when owners often review coverage, and what to look at.
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How often should I review my business insurance?
Many business owners review their coverage once a year, often at renewal. A review also makes sense any time your business changes in a big way. Coverage that fit last year may not match what your business does today.
What business changes affect my insurance?
Changes that often affect coverage include:
- Hiring your first employee, or adding staff
- Adding new products or services
- Moving, leasing, or adding a new location
- Buying new equipment, tools, or vehicles
- Big jumps or drops in revenue
- Signing contracts that require certain coverage
What should I look at during a review?
During a review, owners often check:
- Coverage limits: Do they still match the size of your business and your contracts?
- Deductibles: Can you still afford them if you file a claim?
- Workers' comp: Does it reflect your current payroll and job types?
- Business interruption coverage: Would it replace lost income if you had to close after a covered loss?
- New risks: Does anything new need its own coverage?
What coverage do growing businesses often add?
As a business grows, owners often look at:
- Directors and officers (D&O) insurance: Covers company leaders against certain lawsuits.
- Disability insurance: Helps replace income if an owner or employee can't work due to illness or injury.
- Commercial umbrella insurance: Adds extra liability limits on top of other policies.
- Cyber liability insurance: Covers costs after a data breach, as you store more customer data.
What if my business is getting smaller?
If revenue or staff go down, your coverage needs may change too. Some limits or policies may no longer match your business. A licensed partner can explain how a change might affect your coverage.
How does Tivly match me with a licensed partner?
Tivly matches small businesses with 450+ licensed partners in all 50 states. It's free to use. Complete the form at the top of the page, and a Tivly specialist will reach out to match you with a licensed partner. Or call 877-907-5267 to speak with a representative.