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Just as it is important to take stock of what is going well and what you need to improve in your daily life, the same is true of your small business. You may already regularly review staff, sales and inventory while neglecting to examine something that is just as important: your business insurance. Looking it over annually can help you in many ways.

Adjusting to Changing Business Conditions

Has your business grown? Have you hired additional employees? Are you selling a more expensive product line? Have you moved the location of your store?

Any significant change to your business model could mean that you have increased your level of risk, leading to gaps in your business insurance that must be filled if you are to guarantee that your company and property are protected. Even if you continue to sell roughly the same products and serve a static customer base, your company may still undergo subtle changes. That’s why it makes sense to review your coverage on a regular basis. Taking this preventative step could save you a great deal of money and grief.

Finding Better Rates

The insurance company that provided the best policy and was the most cost effective several years ago may not continue to be so today. Just as many elements in your business evolve over time, the insurance industry experiences modifications, ups, and downs as well. Don’t just assume that you are getting the most economical prices; take some time to check various providers and compare insurance rates to ensure that you are fully covered and at the optimal cost.

Catching Errors in Your Policy

Both you and your agent probably poured carefully over your policy when you signed it, but that does not guarantee that a small mistake or omission didn’t slip through the cracks. Most people tend to get bogged down by the complex language found in these documents, even agents and brokers. Taking time to peruse your policy periodically gives you an opportunity to catch something you may have missed and take corrective action.

Adjusting for Downward Changes and Recessions

If conditions have been less than ideal for any number of reasons, you may be in a position of consolidation or loss. Perhaps the economy in your area is floundering; maybe competition became stiff and your customer base is dwindling. While you still need business insurance coverage, you may be able to reduce its scope to fit your less robust needs. Doing so will help you save money on premiums. At a time when every penny counts, don’t overlook this opportunity to downsize.

Insurance is not a quantity that remains unchanged as the years go by. It is affected not only by modifications in the insurance industry itself but also by the small and large tweaks business owners make to their companies. Regardless of the changes your company may have gone through, you need to take steps to ensure that your policy continues to suit your needs and protect you against loss, damage and liability. As the saying goes, an ounce of prevention is worth a pound of cure, so don’t let another day go by without conducting this important assessment.