3 Tips to Review Business Insurance

Whether you’re a sole-proprietor or operating a large-scale operation, having the right insurance coverage is critical to protect from lawsuits and other types of loss. While you may think you have the coverage that you need, it’s a good idea to review your policies regularly. Take into consideration the following tips when reviewing your business insurance.

1. Review current policies

Most businesses should have general liability insurance or Business Owner Policies (BOPs), but you may also need additional insurance, such as worker’s compensation, commercial auto, or landlord insurance. Consider each policy, the coverage limits, and any exclusions to decide if you need to make changes. The policy terms, premiums, and deductibles may also factor into a decision to change or add insurance. Conduct a risk assessment to determine if new risks have emerged, such as cybersecurity risks if you’re storing data about your clients. Review any past insurance claims to identify risks and areas that may need additional coverage.

As you review your policies, you may ask the following questions:

• How has your business changed since acquiring the policy?
• Are you in good legal standing with your coverage in case of a lawsuit?
• Are there any gaps in coverage?
• Do you have unnecessary coverage?

• Do the term limits align with your business’ needs?

2. Changes that require policy adjustments

If your business has grown or expanded, insurance needs will need to change with this growth. Some changes that can trigger a review of business insurance policies include:

• Business moved or added locations
• Added employees
• Added or remodeled buildings
• Added or upgraded equipment

• New products or services

3. Consult an insurance agent

As you schedule regular reviews of your insurance, you may need help to conduct a risk assessment. Texell Insurance¹ agents can help you find policies that fits your needs at the term and rate that meets your budget. Texell Insurance offers commercial auto, general liability, business owner policies, workers’ compensation, landlord, and commercial property. Learn more and request a quote at TexellInsurance.com or call 254.774.5181. 

¹ Texell Financial, LLC is a wholly owned subsidiary of Texell Credit Union and does business as Texell Insurance. Insurance products are not issued, guaranteed, underwritten, or insured by Texell Credit Union or the National Credit Union Administration. 

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