Yearly checklist to ensure your coverage keeps pace with your business growth and changing risk profile.
Why Annual Reviews Matter
Your business changes every year—new employees, new equipment, new locations, new services. Your insurance needs to keep pace. An annual review ensures you're not paying for coverage you no longer need while identifying gaps that could leave you exposed. Schedule your review 60-90 days before renewal to allow time for proper marketing and comparison.
Business Changes to Report
Review the past year and identify any changes that could affect your insurance needs.
- Revenue increases or decreases of more than 10%
- New employees, especially in different job classifications
- New locations, vehicles, or major equipment purchases
- New services, products, or types of work performed
- Contracts with specific insurance requirements
- Changes in ownership or business structure
Coverage Adequacy Check
Review each policy to ensure limits and coverages still match your current exposure.
- Property values reflect current replacement costs, not original purchase prices
- Business income limits cover at least 12 months of projected revenue
- Liability limits meet all contractual and regulatory requirements
- Auto schedule includes all owned, leased, and hired vehicles
- Workers compensation classifications accurately reflect employee duties
- Umbrella limits provide adequate excess protection
Cost Optimization Strategies
Your annual review is also an opportunity to reduce costs without sacrificing coverage.
- Bundle policies with one carrier for multi-policy discounts
- Increase deductibles where cash reserves allow
- Implement safety programs that qualify for premium credits
- Review claims history and address any trends
- Ask about available discounts for security systems, sprinklers, or certifications
- Compare quotes from multiple carriers through your independent agent
Key Takeaways
- 1Schedule your insurance review 60-90 days before renewal
- 2Report all business changes that could affect coverage needs
- 3Verify property values reflect current replacement costs
- 4Look for cost savings through bundling, deductible adjustments, and safety programs
- 5Work with your agent to compare options from multiple carriers