Business insurance plays a vital role in protecting your company from common threats.A business without the right insurance could suffer devastating losses.Even if you believe you have comprehensive business insurance coverage, changes to your business, the economy, the regulatory environment, or your industry may mean that your current insurance does not adequately address your needs.

In this blog, we will review the common types of business insurance, talk about why you might need updates, and give you an action plan for reviewing your business insurance at least once a year.What are common types of business insurance? There are many other types and subtypes of business insurance.Be sure to consult with your insurance advisor to ensure you have the best coverage for your business.

When and why should you review your business insurance? Outside of an annual review, there are a few reasons why you might need to purchase different types of business insurance or make changes to your policy, such as: Conducting an annual business insurance review Given all the possibilities for change and the potential consequences of being underinsured, an annual review is always appropriate, even if your business has not encountered any of the changes mentioned above.To conduct your review, begin by collecting information about your business, your industry, and the current threat environment: Review your business activities and record any changes from the previous year, such as changes in the way you do business, the products you sell, etc.Assess the value of your business’ assets, including things like real estate, furniture, computer systems, and inventory.

Make note of changes to your staffing levels, including any increased use of part-time workers, gig workers, or freelancers.Review the vehicles that are used for your business.Go over your client contracts, particularly new ones.

Assess whether those contracts include business insurance requirements, such as liability or cyber insurance.Review the regulatory changes that affect your industry, including environmental regulations, employee relations laws, workplace safety regulations, and product safety laws and guidelines.Next, assess the adequacy of your existing business insurance in light of the information that you have gathered.

If any of it is confusing, or you need some expertise to help you with it, consider getting a risk assessment from your business insurance advisor.Finally, consider purchasing additional types of business insurance, or increasing or lowering your coverage level as appropriate.Get flexible and affordable coverage with TruShield At TruShield, we know you’ve got a lot on the go as a business owner.

We’ll work with you to make sure your insurance policy addresses all of your unique risks and can grow with your business.Get started by visiting our business insurance page and getting a quote today!