3 minute readBusiness
At renewal, and any time the business changes: new revenue, new employees, new locations, new services, new vehicles, a new lease, or a large contract. Coverage written for a two-person shop rarely fits the same business two years later.
What you need to know
Growth triggers
Payroll, revenue, and property values feed limits directly, and stale numbers create coinsurance problems.
New services and states
Expanding what you do or where you do it can fall outside your current classification.
Contract review
Every significant contract should be checked against your policy before signing.
Common mistakes
- Setting property and income limits from rounded-down guesses instead of real numbers.
- Skipping hired and non-owned auto because the business owns no vehicles.
- Signing contracts that require limits or wording the policy does not provide.
- Letting subcontractor certificates lapse, which shows up at audit.
- Treating insurance as a one-time purchase while the business keeps changing.
When to talk to an agent
Talk to an agent before signing a lease or a major contract, when you hire your first employee, when revenue or payroll changes materially, and any time you add a service, location or vehicle.
Frequently asked
This article is general information, not a policy or a promise of coverage. What your policy pays depends on its specific terms, limits and exclusions. Ask us to review your actual policy before making a decision.