How to Review and Update Your Business Insurance Annually

Things can quickly change when you own and grow a business, whether through expansion, new regulations or shifting risks. That’s why our team at Best Option Insurance & Tax encourages clients to review and update their business insurance every year. An annual insurance review helps your company maintain coverage ideal for its operations and protects it from unexpected financial setbacks.

Why an Annual Business Insurance Review Matters

Business insurance isn’t a set-it-and-forget-it solution. Over time, your company may add new services, expand locations, hire more staff or invest in new equipment. Each of these changes can impact your insurance needs. By reviewing your policies annually, you can:

• Identify coverage gaps or overlaps
• Adjust limits to match your current risk profile
• Verify compliance with Texas laws and industry standards
• Take advantage of new coverage options or discounts

Key Steps for Reviewing Your Business Insurance

Assess Changes in Your Business
Start by listing any significant changes over the past year, such as increased revenue or changes in staff. These updates may affect your business interruption or workers’ compensation coverage needs.

Review Each Policy
Examine your current policies, including general liability, property, commercial auto and any specialty coverage. Check that your coverage limits and deductibles still align with your business’s size and risk exposure.

Evaluate Emerging Risks
Consider new financial risks that may have developed, such as cyber threats or supply chain disruptions. You can even account for weather-related risks like hail or flooding.

Consult With Your Insurance Advisor
Our team is here to help you interpret policy language, compare options and recommend updates tailored to your business. We can also help you understand any regulatory changes that may affect your coverage.

When to Update Your Coverage

You should typically update your business insurance if you:

• Move or expand locations
• Purchase new equipment or vehicles
• Hire additional employees
• Launch new products or services
• Experience significant revenue changes

If you’re ready for a business insurance review or have questions about your coverage, contact us today at Best Option Insurance & Tax. Our Texas-based team is committed to helping you safeguard your company’s future.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.