With only about 100 days left in the year, time is of the essence for businesses to review their insurance coverage. This crucial step can safeguard your business against potential risks and ensure peace of mind as we move towards a new year. Juggling the many responsibilities of running a business can be challenging, but ensuring that you are adequately protected is an investment in both stability and security.

Professional Liability (E&O)

Assess whether your business has introduced new services, evolved client contracts, or taken on higher-stakes projects. These changes can demand an update to your professional liability insurance to protect your business against claims of negligence or missed deadlines that can result in costly lawsuits.

Property and Liability Coverage

Check whether your business has undergone any expansions, relocations, or made significant purchases. Added square footage, new equipment, or operational changes might necessitate policy updates or increased liability limits. Don’t leave any gaps that could jeopardize your operations.

Cyber Liability

Evaluate any changes in digital systems, customer data storage, or online transactions. With the rising threats of data breaches, ransomware, and increased online exposure, ensuring your cyber liability insurance is up-to-date is more crucial than ever. Protect your digital assets and customer trust.

Workers’ Compensation

Review any staffing changes, payroll updates, or restructuring of roles within your company. Accurate employee counts and updated job duties are essential for compliance and ensuring you’re paying the correct premiums, thus avoiding unexpected costs or legal issues.

Commercial Auto

Verify that all vehicles and drivers associated with your business are correctly listed in your policy. Outdated fleet or driver information can lead to delayed claims or even uncovered incidents. Ensure your commercial auto insurance accurately reflects your current operations.

Taking action now to review and update your business insurance can prevent costly gaps in coverage. This step not only acts as risk management but also fortifies your business’s foundation as you plan for the coming year. If you have any uncertainties about potential coverage gaps or opportunities for improvement, don’t hesitate to connect with an insurance professional who can provide tailored advice.