Whether you’re a small startup or a large enterprise, you no doubt have business insurance to protect your investment and hard work. It’s easy, however, to operate on autopilot without assessing your insurance coverage periodically. Is it time to review your coverage? Read on to learn more.

When Should You Review Your Business Insurance Policy?

Most companies review their business insurance coverage at least once a year prior to their policy renewing. That way they can change anything as needed before the new policy coverage period begins.

However, there are other times when you probably want to update your coverage for better protection or cost savings:

• Expanding the business and hiring new employees
• Opening a new branch or location
• Moving your offices or warehouse
• Performing renovations on your property
• Making capital equipment purchases
• Downsizing and letting staff go
• Selling the business or a part of it
• Merging with or acquiring another company
• Changing your business’s structure, such as adding a board of directors
• Switching to a new business model, like remote work
• Launching a new service, website, or online sales
• Hosting a major event, like a conference or celebration
• Adding a fixed location to a previously all-mobile business
• Buying business vehicles or increasing the size of your fleet
• Bidding on large-scale commercial or municipal projects
• Getting ready to retire and hand the business off to someone else

If your business has grown smaller, you might not need all the coverage you’ve had in the past. However, if your business is growing, if you’ve acquired assets, or if your liability risk has increased, you will need more protection.

Sometimes seeing other companies struggle or reading the news can prompt you to re-evaluate your coverage. Would you have more peace of mind with earthquake or flood insurance? Are you worried about property damage from extreme weather events? Has there been more crime in your area?

What Kinds of Business Insurance Are Available for You?

If you haven’t looked at business insurance options for a while, you might be surprised to learn there are all kinds of insurance protection today for specific situations and business types. You’re likely familiar with commercial property insurance, general liability insurance, and workers compensation insurance. But you not be aware of other types of insurance that could benefit you, such as:

• Cyber insurance in case of ID theft, data breaches, hacking, or data loss after a disaster
• Commercial auto insurance to cover work vehicles or personal vehicles used for business purposes
• Inland marine insurance for the protection of others’ property when it’s in your care during transit
• Employment practices insurance to cover you in the event of allegations of discrimination, harassment, wrongful termination, etc.

There is also insurance for certain professions that need unique protection, including architects, engineers, hair stylists, landscapers, restaurant owners, and contractors.

Why Independent Agents Are the Best for Business Insurance

When you put together business insurance protection, you want to make sure you’re getting coverage tailored to your company, not a generic business policy. While big insurance companies are captive to just a few insurance products, independent agents have access to those policies and much, much more. That lets our agents at ISB Insurance customize business insurance coverage uniquely for every client.

To update your business insurance, call us at 713-996-8210 today, or reach out online to let us know how we can assist.