New Year Checklist: Is Your Business Insurance Ready?

As the new year begins, it's the perfect time for a New Year checklist to ensure your business insurance is up to date. With all the whirlwind activities involved in running a business, it's easy to overlook small, yet crucial details. Checking your insurance coverage now can pave the way for peace of mind and safeguard your hard-earned success against unforeseen risks.

Assess Property and Liability Coverage

 

Take a moment to think about any recent expansions, relocations, or major purchases. Have you added new equipment or increased your square footage? These changes might necessitate an update in your policy or an increase in liability limits. Overlooking these can leave critical coverage gaps.

Review Workers’ Compensation

 

Have there been any staffing changes? Has your payroll structure shifted, or have roles been redefined? Checking this ensures compliance and prevents incorrect premium calculations. A mismatch in employee details can impact coverage and cost.

Evaluate Cyber Liability

 

In today's digital age, review how you handle digital systems, data storage, and online transactions. The risks of data breaches and ransomware are real threats that can have catastrophic financial implications. Ensure your policy reflects your current level of digital exposure.

Verify Commercial Auto Coverage

 

Have you updated your vehicle fleet or hired new drivers? Ensuring that all vehicles and drivers are accurately listed is crucial. Misinformation here can lead to delayed claims or even uncovered incidents.

Update Professional Liability (E&O)

 

Your services and client contracts may have evolved, necessitating a look at your Errors & Omissions insurance. As your projects become more complicated, so do the potential risks. Proper E&O coverage mitigates risks of negligence or missed deadlines.

By addressing these checklist items now, you're investing in your company's stability and security as the year draws to a close. Don’t wait until it’s too late—connect with an insurance professional today to discuss any potential gaps or opportunities in your coverage. This is not just risk management; it's a smart business move.