Why Annual Reviews Matter

Your business today is not the same as your business a year ago. Revenue may have grown. You may have added employees, locations, or equipment. New contracts may require additional coverage. An annual insurance review ensures your protection keeps pace with your reality.

Review Your Operations

Have you added new services or products? Expanded to new locations? Started new activities? Each change potentially affects your coverage needs. List what has changed since your last renewal.

Update Your Numbers

Review revenue, payroll, and property values. If these have increased significantly, your coverage limits may need adjustment. If you are underreporting exposure bases, you are creating audit liabilities and coverage gaps.

Check Property Values

Have you acquired new equipment? Have construction costs increased? Make sure your property limits reflect current replacement costs, not original purchase prices.

Review Contracts

New contracts may impose insurance requirements you do not currently meet. Review active contracts for insurance specifications and verify you comply.

Assess Your Claims History

Past claims affect future premiums and may indicate areas needing attention. Review what claims occurred and whether operational changes might reduce future incidents.

Consider New Coverages

Has your industry changed? Have new risks emerged? Cyber liability, employment practices coverage, and other specialized policies may be more relevant than they were a year ago.

Schedule the Conversation

Do not wait until renewal notices arrive. Schedule your review several weeks before renewal to allow time for changes and shopping if needed.