An annual insurance review catches gaps before a claim does. Here is what to check.
In this article
Why review every year
Service companies add trucks, employees and services every year. Policies bought years ago may no longer fit. A yearly review with your agent finds gaps before a claim does.
General liability
Check limits and whether new services are covered.
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Commercial auto
Make sure every vehicle and driver is listed and usage is accurate.
Workers' comp
Payroll and job classifications should match reality.
Property and equipment
Tools, inventory and equipment in trucks may need specific coverage.
Cyber
Customer data and payments create cyber risk.
Umbrella
Additional liability coverage can protect against large claims.
Contract requirements
Commercial clients often require specific limits and endorsements.
Claims history
Review past claims and safety improvements with your agent.
Shop the market
Compare quotes periodically, considering coverage, not just price.
Where to start
List every change in the business this year and send it to your agent before your next renewal.
Know your numbers
Track premiums as a percentage of revenue and claim costs over time.
Common mistakes
Auto-renewing without review, underreporting payroll and missing contract requirements.
An example
A cleaning company added commercial contracts and two vans in one year but never told its agent. During the annual review, they found the vans weren't listed and the commercial clients required higher limits. Fixing it before a claim avoided a serious problem.
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Frequently asked questions
How often should a service business review its insurance?
At least once a year and whenever the business changes significantly, such as adding vehicles, employees, services or commercial contracts.