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Why It’s a Good Idea for an Annual Policy Review

By June 6, 2016February 19th, 2021Business Insurance
Elements of your business are changing all the time, from a company’s structure to how many employees it has. When a business owner’s insurance policy doesn’t adjust to those changes, gaps in coverage can result.  This is why an Annual Policy Review is important for all your insurance needs.

You may require a type of coverage now that wasn’t necessary when the company first began. Growing businesses typically find they need to adjust their insurance coverages as they evolve and expand.Policy_Review.png

CHANGES IN OWNERSHIP STRUCTURE – Have you moved from a sole proprietorship to a different business structure?  Have you added new management or officers?

ADD NEW BUSINESS PRODUCTS OR SERVICES – Will your current policy provide sufficient risk protection for your new venture?

CHANGES IN CONTRACTUAL OBLIGATIONS – Are you required to enter into new contracts with clients or suppliers?

GROWING STAFF – When a company grows in size, staff often has to be hired to accommodate demand.  Do you need Workers Compensation Insurance?  Do you need to increase your payroll on your current policy to avoid a large audit at the end of the year on your Workers Compensation or General Liability policies?

CHANGES IN PROPERTY EXPOSURES – Have you recently bought or sold business property?  Have you made significant improvements to your offices or purchased new equipment?

Should you have any major changes in your business anytime during your policy term, we recommend that you contact your insurance agent or company or contact Rue Insurance at 800-272-4RUE to discuss those changes.

Scott Harrigan

About Scott Harrigan

Scott started his career in insurance in 1988 and joined Rue Insurance in 2004 as a Marketing Specialist focusing on creating effective risk financing and risk transfer programs for companies and non-profit organizations. In addition to this he is a member of the Rue Insurance educational team that provides ongoing professional development in critical insurance concepts and programs to Rue employees. About Scott | More Posts by Scott