Annual policy review-stand pat or increase coverage?

Every year small business owners receive their renewal policies, either through the mail or delivered by their agent. As is usually the case, we all tend to look at the bottom line, price, and then maybe peruse the actual coverage provided. While keeping an eye on the bottom line is something all prudent business owners do, it's equally important to carefully review in detail your business insurance policy on an annual basis. The policy may provide coverage for your building, contents, specialized equipment, etc. Have you taken the time to check on current property values in your area? Has the replacement cost of your building possibly increased? Also, while the limit of your contents coverage was sufficient last year has increased sales caused an additional increase in your stock? What about your liability limit? While the limit might have been good enough in the past has your recent increase in sales also expanded your exposures? Any new products introduced? These are some of the questions that are essential to consider while undertaking the annual insurance review. If you are dealing with an independent insurance agent, make sure to discuss with them any new trends or coverages that may be applicable to your particular situation. While the old adage "The more things change the more they stay the same" may apply in many instances, it doesn't always apply to your business insurance policy.