When Should You Reevaluate Your Business Insurance?

March 8, 2022

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!

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