The start of a new year is as good a time as any to take a step back and review your business insurance.

You might need to update your coverage with your current insurer. If you’ve made a significant change to your business in the last year—whether that’s buying new property or equipment, adding new product lines, or hiring more people—you might need to update your policy.

You might want to change insurers. You might feel as though the service you’re receiving isn’t great, or your policy just isn’t extensive enough to protect your business.

You might want to change brokerages. If you bought your insurance through a brokerage, and the service isn’t great, it may be time to shop around. For example, your current broker may lack expertise in your line of business. They may be slow to respond or not offer what you’re looking for.

In this article, we touch upon the common scenarios in which business owners should consider updating their policy or changing their insurer.



If your policy renewal date is coming up—even if it’s a few months away—now is the best time to look into revising it or changing providers.

To ensure there are no gaps in your coverage, you’ll need to renew or buy a new policy before your current policy expires.

Before you start, review your policy based on any changes to your business in the past year. Here are a couple of questions to consider:

Did you buy new equipment?

When you add new equipment, machinery or high-value assets to your business, you should update your policies to include those items. You can also consider adding an equipment breakdown coverage, especially if your equipment is crucial to your day-to-day operations. If your new equipment is used outside of your business premises, add a floater, too.

Did you hire more people?

When you’re a contracting business or provide a service, you may need policies such as general liability, professional liability and errors & omissions to protect your business against claims made by customers. If you’ve added employees who provide specialized services, it might be time for an update.

Did you move, renovate or buy new property?

Leasing a property, moving to a new space, renovating or repairing existing property, or purchasing new buildings—all of these require an update to your commercial property insurance.

If you’ve added new furniture, or new office equipment such as computers or industry-grade air purifiers, you can add these to your list of assets to be insured.

Did you buy new business vehicles?

When you add one or more business vehicles to your company’s name, you’ll need to buy commercial auto insurance or fleet insurance, or update your existing coverage. If you modify any existing insured vehicles in a way that changes their “class,” you’ll likely also need an update.

Did your revenue increase or decrease?

Your annual revenue is a factor in your insurance premiums. When your revenue changes significantly, your premium and its accompanying coverage may also change.

As your business grows, it starts becoming more susceptible to interruptions, business income losses and liability claims—all of which can cost you more. Make sure the information in your commercial general liability and business interruption policies is up to date.

The same goes for when you add new or remove product lines; you’ll need to update your product liability.

Why do you need to report your revenues accurately? If your actual revenue doesn’t match the revenue that you reported to your insurer, they may deny a claim.

Did you change your organizational structure?

If you’ve appointed new directors or other key decision-making personnel, it’s helpful to add directors & officers (D&O) insurance and employment practices liability. A D&O policy protects your key personnel from losses that arise from allegations or lawsuits of misconduct against them.



Updating your existing insurance policy

Are you insured through Boardwalk Insurance? Then it’s even easier. Schedule a time with one of our insurance professionals. Remember, we’re just a phone call or email away.


Changing insurers

Keep these in mind while switching insurance companies:

  1. Review your current insurance policy: Understand your risks and, if required, prioritize them. You don’t have to do this all on your own—our brokers have experience with businesses from various industries to help you figure out what you do and don’t need.
  2. Shop around: Getting quotes from different insurance companies can help you get the best value. To do this, you’ll need a good broker with broad market access; you can start by filling out our short online quote form, and we’ll find you quotes from leading insurers.
  3. Terminate your current policy: Once you’ve found the package you’re looking for, contact your current insurer to terminate your contract. Remember to keep a copy of the related documentation, including the contract and any claims information, for future reference. A good broker will guide you through this process.
  4. Start your new policy: Read your new policy clearly and make note of the important stuff, including exclusions, dates, deductibles, etc.

Who is Boardwalk Insurance?

We’re specialists in small-business insurance. We’ve built technology to provide a better way to get the financial security your business deserves—quickly and painlessly, on your schedule.

Boardwalk Insurance runs on a policy management system that is entirely our own and free from any third-party limitations. From finding a plan that best fits your needs and budget to managing your policy after your purchase, our tech is here to help.

Find out more about how Boardwalk Insurance can help you get the right coverage at the most competitive price: visit