Your End-of-Year Insurance Review

Your End-of-Year Insurance Review

As the year comes to a close, small business owners juggle everything from year-end inventory to tax preparation. One important task that often gets overlooked is reviewing current insurance policies. This simple step can ensure your business is fully protected and set up for success in the upcoming year. Use this end-of-year checklist to make sure your coverage is up to date and fits your current needs.

Assess Your Current Policies Start by reviewing each type of insurance you have in place:

General Liability Insurance: Confirm your coverage limits are sufficient for current business activities.

Commercial Property Insurance: Ensure any new assets acquired during the year are added to your policy.

Workers’ Compensation Insurance: Check if employee changes require policy adjustments. Contact us to learn more about choosing coverage limits.

Check for Changes in Your Business Assess how your business has evolved over the past year:

Equipment Upgrades: Have you purchased new machinery or technology that needs coverage?

Business Expansion: Have you opened new locations or expanded services that could affect your coverage needs?

Increased Revenue: Significant revenue growth may require higher policy limits to protect against potential claims.

 Update Coverage as Needed If any of the above factors have changed, it’s time to update your policies:

Talk to Your Broker: Discuss changes with your insurance broker to ensure your coverage aligns with your current operations.

Review Premiums: Adjusting coverage could impact your premium, so plan your budget accordingly.

Taking the time to review and adjust your insurance coverage before year-end can save you from potential pitfalls. At PM Insurance Services, we’re here to make the review process straightforward and effective. Schedule a consultation with us today to safeguard your business as you step into the new year.