Whether you are just starting your business or if you have been in business for years, your insurance needs are going to change from year to year. It is a best practice to evaluate your insurance needs periodically, but what insurance should you consider?

What is Business Insurance?

The Small Business Administration defines business insurance as a method that “can fill in the gaps to make sure both your personal assets and your business assets are fully protected from unexpected catastrophes.” However, a wide variety of insurance products are available on the market.

Steps to Determine Your Insurance Needs

Assess Your Risks  

Look at your business and determine what sort of accidents, lawsuits, or even natural disasters could adversely affect your business. Consider how many employees you have, what goods or services you sell, and what security measures are required to run your business.

Find a Reputable Agent  

Insurance agents can help you find policies that match up to the needs of your business. An agent will often attempt to stay within the specific and reasonable budget you give them. Keep in mind that you will need several different agents when you are shopping for your insurance.

Shop Different Policies and Companies  

Insurance prices can drastically change from company to company and if they are local to your area or if they are a national insurer. Compare terms, benefits, and of course, rates from several different agents.


Did you add an employee this year? Was there a huge summer hailstorm that your business received damage? Did you receive any serious customer complaints about your products this year? Risks for your business change yearly, and it is in your best interest to reassess your insurance needs every year.