100 Days Left: Essential Commercial Insurance Checklist

With about 100 days left in the year, now is the perfect time to revisit your business insurance coverage. As a business owner, you already navigate countless challenges—ensuring your insurance is comprehensive shouldn’t be one of them. Think of this as both a safeguard and a savvy business move. Here’s your commercial insurance checklist to ensure you’re fully protected.

Workers’ Compensation

Review your staffing changes, payroll updates, or any role restructuring. Inaccurate employee counts or outdated job descriptions can lead to compliance issues or incorrect premium calculations. Ensure this critical aspect keeps up with your evolving business needs.

Property and Liability Coverage

Consider any expansions, relocations, or significant purchases your business has made. Added square footage, new equipment, or operational changes can necessitate policy updates or increased liability limits. Don’t wait until an incident occurs to find out your coverage isn’t adequate.

Commercial Auto

Verify all vehicles and drivers associated with your business are accurately listed on your policy. Dangers of outdated fleet or driver information include delayed claims or uncovered incidents. Take a moment to confirm these details are correct.

Cyber Liability

If your digital systems, customer data storage, or online transaction volumes have grown, evaluate your cyber liability coverage. Data breaches, ransomware, and increased online exposure are real risks. Updating your policy could be the key to avoiding significant financial and reputational damage.

Professional Liability (E&O)

Assess whether new services, evolving client contracts, or higher-stakes projects have been undertaken by your business. These developments might necessitate adjustments to your professional liability coverage, as protection against negligence or missed deadlines becomes increasingly crucial.

Taking these steps now can prevent costly coverage gaps later. Think of this review as an investment in the stability and security of your business as the year winds down. If you’re unsure about any potential gaps or opportunities in your coverage, reach out to an insurance professional today.