Running a business is demanding, and with so many responsibilities, reviewing your insurance policy may not be top of mind. But here’s something important to consider: When did you last review your business insurance? Many business owners pay for insurance but aren’t sure if it still covers what they need.

As your business grows and changes, so do the risks it faces. Hiring new staff, expanding services, buying equipment, or moving locations can all affect your insurance needs. If your coverage hasn’t been updated recently, it may leave gaps that put your business at risk.

The risks of outdated business insurance

Outdated insurance may seem like protection – until the moment you need it most. Imagine a bakery that added catering and delivery services but didn’t notify their insurance provider. When a delivery van was involved in an accident, the owner discovered the policy didn’t cover the new risk.

Regular reviews can help prevent situations like this. Insurance isn’t just about protecting what you’ve built today – it’s about making sure you’re covered for the future.

When to update your business insurance policy

Here are some common situations where a policy review may be needed:

  • Hiring or changing staff – New employees or expanded roles may require additional coverage such as workers’ compensation.
  • Moving or renovating your space – A new location or updated property can affect liability and property coverage. It’s also important to review your insurance coverage limits to ensure they’re still adequate.
  • Adding services or products – New offerings often bring new risks that may not be covered under your existing policy. For example, a gym that adds personal training or a restaurant that starts delivering food may need added coverage.
  • Digital expansion – Launching an e-commerce site or digital platform can open up new risks, from cyberattacks to data breaches. Your insurance may need to include stronger cyber coverage to safeguard your operations.
  • New agreements or suppliers – Signing new contracts or making deals with new suppliers? These can add new risks or even require certain insurance by law.
  • Upgrading technology or equipment – Modern tools and digital systems may require extra protection, especially for cyber risks.

If any of these apply to your business, it’s time to check in with your insurance provider.

Don’t wait and review regularly

It’s easy to delay a policy review, but waiting until your renewal date or until something unexpected happens, can leave you exposed. Good coverage gives you confidence, knowing your business is protected as it grows and adapts.

Set aside time at least once a year to connect with your insurance representative. A quick review can help identify risks, close gaps, and make sure your policy is aligned with where your business is headed.

Protect yourself and your business with insurance

Your business will continue to evolve, and your insurance should evolve with it. The right coverage can help you face risks with confidence and focus on growth. To learn more about protecting your business, visit our Business Insurance page today!

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.