Commercial Insurance

When Should You Reevaluate Your Business Insurance?

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Key Points
  • Reassess coverage 60–90 days before renewal to account for changes in staff, new equipment, service offerings, property value, and locations—ensuring coverage aligns with current risks.
  • Evaluate major business changes, like changes in employee count, introducing new products or services, industry regulatory updates, and new equipment or vehicles, as these can affect insurance needs.
  • Use renewal time to update asset values and locations, particularly if you’ve added equipment, opened new sites, or the local risk profile has changed (e.g., increased flood or fire risk), to avoid being underinsured.

Business Insurance is not set it and forget. As your business changes, so should your commercial insurance policy. If you don’t review your policies regularly, you may not have the coverages you need or you may be paying for policies you don’t even need. Here are some instances for when an insurance policy should be reviewed.

Change in Employees or Revenue

The most common instance you’ll need to review your business insurance is when you add or remove employees. As employees come and go, you’ll need to make changes to your Workers’ Compensation and may need to adjust other policies such as Directors & Officers Liability (D&O) Insurance. Additionally, if your company offers Group Life Insurance or Group Health Insurance, these policies will also need to be updated.

If you’re adding or removing more than a couple employees, your revenue is most likely changing as well. When this happens, reevaluating your Business Interruption insurance policy along with other policies is also important.

Change in Services or Products

If your business is changing the services or products you offer, you want to reevaluate your insurance. Adding new services or products can open your business up to new risks that you did not face previously. For example, if you own a marketing agency that was focused on advertising, but decide to start building websites, Cyber Liability Insurance becomes a necessary policy to have.

Change in Property, Equipment, or Vehicles

If your business buys or sells new assets, such as equipment, property, or vehicles you’ll also need to reevaluate your commercial insurance policies. This could involve changes to your Commercial Property Insurance or Commercial Auto Insurance or even changes to your Equipment Breakdown Insurance.

Set Intervals

Even if your business doesn’t experience many of these changes, it’s always good to reevaluate your policies at set times. This could look like annual or even quarterly reviews with your insurance agent depending on your business needs. A good insurance agent will ask the right questions to make sure nothing slips through the cracks and that you have the appropriate risk exposure.

Having up to date business insurance policies is critical to the longevity of your business and your peace of mind. When in doubt, don’t hesitate to reach out to your insurance agent for guidance. If your business would like a review of its business insurance policies, please contact us today. Our Baton Rouge based insurance agents are ready to help!

Jeffrey Mohr Headshot

Jeffrey Mohr, CPCU, ARM

Jeff Mohr is the President and Owner of Lewis Mohr Insurance Agency. He began his career in 1982 after earning a degree in Management and Finance from LSU, followed by a Master’s in Insurance Management (MSIM) from Boston University. With over 40 years of experience, Jeff holds the CPCU and ARM designations and is a past president of the Independent Insurance Agents & Brokers of Louisiana. He has been recognized with the Lou Daniel Award for outstanding service to the insurance industry and remains active in civic and community organizations. Jeff leads the agency with a deep commitment to trusted service, ethical standards, and generational growth.
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