4 Reasons You Need an Annual Business Insurance Review

If you're like most folks, you probably have quite a number of insurance policies, including life insurance, health insurance, homeowner's insurance, auto insurance and, if you're a business owner, business insurance. Experts agree that it's a good idea to review your insurance coverage on a regular basis, and many suggest you do this annually for the following reasons:

• Life's circumstances change and you don't want to find yourself suddenly underinsured or be paying needlessly for coverage you no longer require.
• Policy errors may exist that you might not otherwise realize.
• You may find that your rates are no longer competitive with rates being offered by another insurer and you may qualify for a better deal than you're currently getting from your insurer.
• The total amount of your assets has appreciated or your income has risen significantly.

Reasons for an Annual Business Insurance Review

As a business owner, your business insurance coverage is vital in protecting your business from harm that could be caused by unexpected events such as a liability lawsuit or the loss of property or assets. Chances are you purchased your business insurance policy when your business was first started and perhaps you haven't really given it any thought since then. Here are some important reasons for reviewing your coverage on a regular, annual basis:

1. Business conditions change constantly with changes to your industry and those of your clients' needs. Sometimes new situations can be created that aren't necessarily covered by your original policy and gaps may occur in your coverage that may need to be filled. Regular reviews of your business policy can uncover these gaps and allow them to be dealt with properly.
2. You may be spending money unnecessarily by paying for certain coverage that you no longer need. If your coverage has become excessive in any areas and this goes unchecked you may be throwing money away. Regular reviews can help prevent these wasted assets.
3. Certain sized companies in North Carolina are required to carry Worker's Compensation Insurance on employees and a regular review of your company's insurance status will uncover when and if your organization falls within the law in this particular area.
4. While reviewing your business insurance coverage you should compare your current rates with competing insurers to determine if you could get a better premium rate. Saving money on insurance premiums is a sure way to add to your company's bottom line.