How Often Should I Review My Business Insurance Policy?

It’s a new year which means everything “starts over” in a way. There are many items you may need to cross off your annual to-do list, including reviewing your business insurance policy.

Why Do I Need to Review My Policy Every Year?

Just like an annual checkup for your health, vehicle, or HVAC, a review of your business insurance policy is necessary at least once a year. Certain conditions may expire within a year of you signing the documents or you may be required to renew certain policies on an annual basis.

Preventing Gap Coverage

Additionally, changes can happen with your business, which equates to no longer applicable coverages. While it would be ideal for making changes to your policy as these business changes occur, it can sometimes slip a business owner’s mind as there are so many other tasks at hand. By reviewing your business insurance policy annually, you’ll prevent any potential gaps in coverage.

Saving Money

Another reason to review your policy every year is for potential cost savings. Insurance companies will most likely not directly tell you that other coverages are available that could save your business money. But as someone who is focused on the bottom line, it is critical to ask your insurance agent about what potential options are available that could bring cost savings to you.

Everyone Makes Mistakes

No one is perfect, as much as they try to be. This includes insurance agents who may have made a mistake in drawing up your insurance policy. By reviewing your policy at least once a year, you are ensuring that everything is correct on the documents so you don’t face a potential issue down the road.

My Business Insurance Claim Was Denied. Now What?

Even with reviewing your business insurance policy once a year, an insurance company may try to find a technicality to deny your claim. You have options if this happens. The Houston insurance litigation attorneys at Hawash Cicack & Gaston, LLP are ready to get you answers and fight your case. Reach out to our team today at (713) 589-7249.