If you are a seasonal business owner, it’s important to keep track of your insurance. Every year, you need to get an “insurance” check-up. It’s kind of like going to a doctor for your annual wellness checkup. Those checkups are to make sure that everything’s good and that you’re healthy. The same thing applies to your insurance – you have to make sure that it’s still a good fit for your business before going into the next year.
Here are a few reasons why it’s crucial to do an annual business insurance review.
Businesses change as they grow.
If your business has grown, you’re going to need to make some adjustments to your insurance coverage. Maybe you’ve added some more employees. Maybe your payroll has increased. Maybe you’ve gotten new equipment, or maybe you’ve expanded the type of work you do and thus added some liability risks. These changes matter when it comes to your insurance, so you can’t overlook them.
Your coverage needs might have changed over the year.
It might be time to increase your limits of coverage or even add different coverages to close potential gaps. Doing an annual review of your coverage can help you make sure that your insurance is still fully protecting your business. The goal is to ensure that there are no gaps or holes in your coverage that could leave your business vulnerable to a major loss.
Insurance isn’t something that you can just buy once and then forget about it.
An annual business insurance review gives you the chance to evaluate the changes to your business to see if these changes have resulted in any vulnerabilities for your business. Your insurance is an ongoing process that changes as your business needs change.
Don’t worry, we’re here to help you with those changes! Our agents can help guide you through these annual reviews and make suggestions where gaps have happened.
It’s as simple as a phone call. (269) 968-0577
