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April 29, 2024
A Complete Insurance Agency, Inc.

Adjusting Your Business Insurance Amid Changing Circumstances

Understanding your business’s risks and exposures and acquiring suitable insurance coverage should be considered an integral part of operations. However, like all aspects of your organization, risks and risk levels change over time. As your company’s circumstances adapt to various industry trends or evolve and pivot, you cannot afford to neglect essential changes in your risk management and loss control strategies. Fortunately, A Complete Insurance Agency Inc in Littleton, CO, is prepared to help your business maintain appropriate coverage amid evolving circumstances.

What Changes Require Revisiting Insurance? Photo of Man Holding a Book

At some point, most companies will undergo certain changes and events that require them to reassess various parts of their functions, including risk management and loss control. Consider how the following situations may trigger a necessary reassessment of insurance coverage:

  • Hiring additional staff—If you plan to increase your workforce, it may alter your insurance needs. For example, businesses with 50 or more full-time equivalent employees are generally required to provide health insurance or face financial penalties. Similarly, if you are currently the sole proprietor at your company but plan to hire others for the first time, you should be aware of any applicable workers’ compensation insurance laws.
  • Offering new products or services—Your company’s operations may evolve, altering relevant risk levels and potential incidents. For example, if you decide to begin offering new services to clients, such as dispatching employees to their locations for off-site work or offering deliveries, your general liability insurance and commercial auto insurance coverage needs may increase.
  • Implementing new technologies—Modern workplaces have become rife with digital solutions and online operations. However, while such advancements may streamline efficiency and cultivate innovation, they also bear inherent risks. With this in mind, your business should revisit its cyber liability insurance needs and ensure appropriate coverage is in place.
  • Undergoing leadership changes—Should your business change its leaders, you may also need to reassess your insurance. For instance, if you have a key person insurance policy that lists the owner or a top executive, you should be sure to revisit it. Additionally, if your organization plans to form or alter a board of directors, directors and officers liability insurance should be acquired or reassessed.
  • Moving to a home or new location—Amid the rise of remote and hybrid work arrangements, many companies have been making changes regarding their physical workplace. If you turn your company into a home-based business or move to a different commercial property, you must revisit your commercial property insurance. Owners of home-based businesses should avoid the pitfall of thinking their homeowners insurance covers property and operations related to their company, and those remaining in a commercial environment should reassess relevant risks and perils, such as local crime rates and weather patterns.

We’re Here to Help

Contact the team at A Complete Insurance Agency Inc today to learn more about how you can establish and maintain optimal business insurance.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

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