Whether you’re just starting out or have been growing a business for years, you’ll need to continually review your commercial insurance policy to ensure your coverage meets your needs. According to Robert Taylor Insurance, the standard recommendation for reviewing business insurance is once a year. However, this Lorain, OH, insurance agency notes you may need to check in with your agent more frequently.

Below is a brief guide to commercial insurance reviews for a variety of business types.

When to Schedule Standard Reviews

Annual reviews are generally check-ins to keep business coverage current. As such, they tend to work for small businesses that may not be planning on growth or significant changes in operation. Small or medium-sized businesses that experience steady, progressive growth with no real adjustments to operational practices or resources tend to do better with bi-annual reviews. Meeting with an insurance agent every six months is a good way to ensure your coverage suffices for the total value of your business—which is likely to rise if profits stay steady.  

When to Schedule More Frequent Reviews

Owners of large companies or evolving businesses may have to review commercial insurance needs more than twice a year. In fact, any time a significant change occurs, schedule a meeting with your agent to discuss coverage. For example, if you’re planning on opening new locations, you will need to update your policy to cover all the new properties. You should also review your coverage if you add any equipment to your facilities, expand services, experience changes in key personnel, or require car insurance for new company vehicles.

Insurance shouldn’t only be reviewed when you think you need more coverage—it’s also a great way to keep business expenses down. For example, if you downsize, you may require less workers’ compensation coverage and employer-provided life insurance. If you liquidate equipment or property, a review is a smart way to reduce coverage and lower premiums.

By working with a flexible insurance agent, you can receive optimal coverage and avoid overspending on premiums. In Lorain, OH, the agents at Robert Taylor Insurance can help you refine your business coverage to adequately reflect your growth, value, and risks. As a brand recognized for loyalty, they will be happy to offer assistance whenever you need to review your policy. To request a free quote or discuss coverage options, contact the team at (440) 277-5191. You can also visit them online for more information.