Business change: Signs it’s time to reevaluate your insurance

Insurance often takes a back seat in people’s minds. Amid the whirlwind of business growth, employee management, and annual budgeting, insurance doesn’t often find its place high on the priority list. At best, business insurance remains a safety net in the background, quietly flying under the radar.

It’s important that business owners feel secure with their coverage. Yet, a concern arises when coverage isn’t periodically reviewed to align with the ever-evolving business landscape. This oversight can potentially expose your business to unnecessary risks.

Change is an unwavering certainty in the business realm. Just as your business evolves, so do your insurance needs. This is why we advocate for regular insurance review and evaluation. Reviewing your insurance doesn’t necessarily mean you will need to pay more. it could reveal you’re paying for protection that’s no longer necessary!

So, what triggers the need for a review of your insurance? When should you set aside time to reconsider your coverage?

Here are three signs it’s time to take another look at your insurance.

Business growth

Experiencing business growth? Fantastic news! Success thrives on seizing new opportunities, but it also entails new challenges. Venturing into new markets? Your current insurance might not offer sufficient protection. Hiring new people? It might be time to consider personal protection. Ensuring the continuity of your success involves preparing for the risks and liabilities relevant to your current business stage.

Compliance and regulations

Change is a recurring theme! Industry regulations are subject to shifts, and if you haven’t recently evaluated your insurance, it might not align with the latest industry standards. This discrepancy could pose a problem. Legal entanglements or hefty fines are the last things any business desires. Staying on the safe side by updating your coverage is undoubtedly the wiser choice.

Changing risks

Whether you’re involved in agriculture, manufacturing or a commercial enterprise, one constant remains—change. With change comes a fresh set of risks. Consider cyber threats, a prime example of a threat spawned by technological advancements. Businesses are now making efforts to safeguard themselves. How can you stay ahead of emerging threats? The answer lies in reassessing the risks your business faces with the guidance of your local CWIB Advisor, and making necessary adjustments to your coverage.

Spring embodies renewal, and it’s the perfect time to apply this concept to your business insurance. Think of it as another element of your comprehensive business strategy. By reviewing your coverage, you’re effectively reducing the risks of business disruptions and paving the way for sustained growth.

Speak to your local CWIB Advisor to review your insurance and make sure you’re protected.