If you haven’t been reviewing your insurance coverage each year, it makes sense to start now.
There’s little to be gained by carrying the wrong types or amounts of insurance — and much,
potentially, to be lost!
Factors to Consider When Conducting Annual Review of Business Insurance:
1. Revenue. Have your company’s annual sales increased or decreased? The more business
you do, the greater potential liability you face.
2. Location. Have you moved, added or closed locations? Rates for your general liability or
business owner’s policy could change depending on whether your total square footage has
increased or decreased, where your new facilities are located, or what class of building you’ve
3. Business property. Have you purchased or eliminated equipment, computers,
furnishings or other property? You may need to increase or decrease your commercial property
4. Travel. Are your employees on the road more in rented cars than in their own cars? If so,
you may need “hired and non-owned auto” coverage.
5. Workforce. Has the size of your workforce increased or decreased, do you have high
turnover, or are you using more contractors? The size of your workforce can dictate whether you
need workers’ compensation insurance. If you have a lot of turnover, you’ll probably want
employment practices liability insurance in the event you are sued for wrongful termination.
6. Services. Are you offering new types of services, or has the makeup of your service mix
changed? You may need to add endorsements to your general liability policy to cover certain
types of work — or change carriers if your existing insurer isn’t comfortable with the associated
7. Clients/customers. Are you serving new industries, or has the makeup of your customer
set changed? Some professional liability insurers do not like it if your business is overly
concentrated in servicing certain high-risk industries.
The aforementioned are only a few factors that American Small Business and Family Insurance
Specialists will consider when conducting an Annual Review of your coverage.
Contact us at 1-888- 536-9123 or Specialist@familybusinessins.com to schedule an assessment
and face-to- face review.
9164 East Chase Parkway #332
Montgomery, AL 36117
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