New Year, New Coverage: Time to Review Your Business Insurance 

There’s no better time to review your coverage than a fresh new year because the start of the year allows you to start fresh with your coverage according to your business changes. It’s time for you to ask yourself, how far have you come since the start of 2024 in terms of your business? Have you expanded your services, hired more people, or expanded offices? 

If your business has grown or has cut back in the past year, it’s important to note that your insurance needs have changed. What worked for you in the past may not provide you with adequate coverage today, leaving you helpless in a time of need. Therefore, give a thorough review to your own business. If you’ve expanded your team, hired new people, or started offering more services with upgraded equipment, you need more coverage more coverage. Similarly, if you have reduced the number of employees or cut back in any other way, you may need less coverage and might be wasting money on coverage you don’t need. Therefore, you must ensure that your coverage meets your current needs and is up to date with the nature of your business. It may also be the time to increase your current coverage limits. So, review your property, liability, and business interruption insurance and ensure that they match your current needs.  

While the coming year is an exciting occasion for all, businesses must be cautious. With changing times, various risks are emerging as well. Only last year, Microsoft reported a 275% surge in human-operated ransomware attacks between July 2023 and June 2024, who knows what the next figure is? It’s always best to be prepared. Cybercrime only tends to increase with time, as the digital age is taking over; and that makes your business volatile. Furthermore, another thing that is likely to change is workplace safety regulations. Therefore, your business needs to be prepared for it all beforehand. Ensure that your policy includes coverage for Cyber Liability Insurance as well as Workers’ Compensation if needed. 

Sounds overwhelming, doesn’t it? So little time, so much to do. Perhaps the ideal situation would be for you to reach out to an Insurance Expert who can guide you through the little things. With business growing and insurance needs changing, understanding your premiums and deductibles is a necessity for you. Therefore, sit next to an expert and see if your updated policy premium still aligns with your budget, and whether you need to change your deductibles or not. If you get lucky, you may even be able to find yourself an agent that could help you get lower premiums by bundling your policies or adding safety measures.  

Now is the time for you to prioritize insurance, so that the rest of the year is spent peacefully, knowing that you are protected against all that may arise. If you are looking for expert guidance, feel free to get in touch with us. We wish you happy holidays and a new year filled with prosperity.  

For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.  
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.