Both large and small businesses experience changes over the course of year, but sometimes the degree of these changes can be difficult to gauge. Changes to business operations can occur sporadically or gradually, whether you’re hiring new employees, purchasing additional equipment, or increasing your product offerings to meet your customers’ needs.
Major developments such as a building expansion or a move to a new location are easy to track, but the smaller, more regular changes often slip under the radar. Because of the ongoing nature of these types of changes, it can be difficult to look back over the course of a year and determine just how much your business has changed; however, these changes can leave your business with significant gaps in insurance coverage.
Here are some common changes that could leave you exposed:

• Building relocation or purchase of additional locations
• Expansion to a building (also relevant for home-based businesses)
• Increase or decrease of employees
• Upgrade of computer-based technology (increased exposure to data breaches)
• Upgrade of machinery or equipment
• Purchase of new company vehicles
• New drivers of purchased vehicles
• Increase or decrease in product offerings
These are just a few of the major changes that can occur gradually over the course of a year, but an annual review of your business’s growth with your insurance agent is the best way to determine whether your business is exposed to new risks. If you’re ready to review the changes to your business before year-end, give your agent a call today.


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