Reassess Your Business Insurance Before Renewing It

It is quite common for companies to go year-to-year without making changes to their business insurance policies. The reason for doing so could be a lack of time or it not crossing your mind. This could impact the type, amount, and coverage specifications that organizations need going forward. If you are a business owner, don't just renew your policy. Take a closer look at the details and learn if there is a need to make some modifications.

The ultimate goal in purchasing or changing business insurance policies is to reassess your risks and risk levels. This involves taking a closer look at your company's current needs and making necessary changes. Here are some specific things to look for to determine what risks could impact your company:

• Your company's location. While it may not have changed, the conditions around it like crime rates or business traffic may have changed.
  
  
• Building type. The building may have seen improvements, such as a weather-resistant roof addition or the improvement of security.
  
  
• Work previous claims. In relation to workers compensation claims, whether or not you've filed claims can impact your policy.

You also should consider take into consideration each type of business insurance policy you have and whether it needs updating.

• Commercial auto insurance may need to be updated if your liability insurance is not enough or you've added new equipment to your vehicles.
  
  
• Relatively "new" threats such as cyber and identity risks may require you to update your liability insurance to cover ensure your companies is prepared.
  
  
• If you've purchased new equipment, upgraded your building, or have taken steps to increase the value of these items, your current policy's limits may not be enough. You should then reassess the value of your property insurance.

What risks exist for your company? What changes should you make to your policy to ensure it continues to meet your specific needs and offer the protection you require? Before you renew your business insurance, talk to your agent about your risks.