It’s a new year with new challenges and opportunities. When the calendar turns, it’s the perfect time for business owners to evaluate their insurance coverage and make appropriate changes. After all, the 2024 business landscape isn’t necessarily what you can expect in 2025. Take time to consider the following strategies to ensure well-rounded financial protection in the new year.

Review Coverage Limits

Inflation and other factors contributed to rising prices for most goods and services in 2024. This means the cost of vehicle repairs, construction materials and medical expenses have all gone up. Ensure your business insurance coverage limits are enough to cover your financial risks amid this new reality.

Update Driver Lists

If you use commercial vehicles, it’s critical to list all employees who operate them on your auto insurance policy. This means taking off employees who’ve left the business and adding any new ones you’ve hired. Failing to maintain an accurate list can expose your business to significant out-of-pocket costs if an unnamed employee gets into an accident.

Evaluate Payroll Coverage

Payroll processing is a vital yet complicated task. Your business could face substantial legal and financial risks if an error occurs. Ensure your payroll coverage can account for the current scope of your operations.

Account for Any New Exposures

Your business may have expanded into new markets, acquired additional property or purchased new vehicles. These and other operational changes may necessitate updates to your insurance policies. Additional factors, such as increased catastrophic weather events, may also be more likely to affect your business. Make sure you have all the coverage you need for any new exposures. For instance, flooding is more likely across the country than in the past, making flood insurance an important consideration.

Discuss Your Operations With a Professional

The team at Lupton & Luce can help assess your unique business operations and recommend suitable coverage. Our expertise can help you close coverage gaps and protect your finances from unforeseen risks. Contact us today to learn more.

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.