How Often Should You Review and Update Your Insurance Coverage?
Why an Insurance Policy Review Isn’t Just a Once-a-Year Task
An insurance policy review probably isn’t on your weekly to-do list, but skipping it too long can leave you exposed when it matters most. Businesses grow, risks shift, and what covered you last year might fall short today.
Whether you’ve added new equipment, hired more people, or started landing bigger jobs, those changes all affect how your insurance should be set up. If you’re only reviewing your coverage when it’s time to renew, or worse, after something goes wrong, you’re playing catch-up.
In this post, we’ll walk through how often you should check your coverage, what to watch out for, and how to make insurance policy review part of your regular business rhythm without overcomplicating things.
How Often Should You Actually Do an Insurance Policy Review?
If you’re like most business owners, you probably think once a year is enough for an insurance policy review. In some cases, that works fine. But if your business is growing or changing quickly, waiting 12 months can be risky.
A good rule of thumb is to schedule a full insurance policy review at least once a year. But if you’ve added new services, moved locations, or expanded your team, you might need to check in more often, every six months or even quarterly.
Think of it like routine maintenance. You wouldn’t wait until your truck breaks down to get the oil changed, right? The same mindset applies here. A regular review helps you catch gaps before they become problems.
Your business isn’t static. Your insurance shouldn’t be either. Making time for an insurance policy review a few times a year can keep your protection aligned with your actual risk, without waiting for a renewal window to make changes.
Life or Business Changes That Should Trigger an Immediate Review
Even if you’ve done a recent insurance policy review, some changes call for an immediate update. These aren’t things to wait on, because they can instantly affect what your coverage does or doesn’t protect.
1. You bought new equipment or vehicles
Big purchases change your exposure. Whether it’s a new truck, heavy machinery, or upgraded tools, these assets should be added to your policy as soon as possible.
2. You started hiring employees or subcontractors
Once other people start working under your business, your risk shifts. You may need to adjust workers comp, liability, or even your business classification.
3. Your scope of work changed
Maybe you added a new service, started working on larger projects, or entered a new market. If your operations have changed, your policy might not reflect it.
4. You moved locations or added a jobsite
Insurance is tied to where you work. A new address, warehouse, or remote jobsite can affect coverage, and potentially leave a gap if not reported.
5. You landed a larger client or contract
Bigger jobs often come with stricter insurance requirements. If you’re taking on more risk, your policy should match that scale.
If any of these sound familiar, don’t wait for your annual renewal. Do a quick insurance policy review now to stay protected and avoid claim issues later.
What to Look for During an Insurance Policy Review
When you sit down for an insurance policy review, it’s easy to get overwhelmed by the paperwork. But you don’t need to read every line. Focus on the key areas that actually affect how you’re covered day to day.
Coverage limits
Are they still enough? If you’ve taken on larger projects or bought new assets, your limits might need to increase.
Named insureds
Double-check that your business name is correct and current. If you’ve changed your entity structure, added partners, or created a DBA, this should be updated.
Business classification
Insurance carriers use your classification to rate your risk. If your services have shifted, even slightly, your classification might be off, and that can cause problems if there’s a claim.
Endorsements
Some endorsements are required by contracts. Others provide added protection for specific risks. Review which ones are listed and make sure nothing is missing.
Exclusions
These are just as important as what’s covered. Look for anything new that’s been excluded from your policy since your last review. You don’t want to be surprised later.
Doing an insurance policy review with these items in mind gives you a clear, quick way to spot what needs to be updated, before it turns into a costly issue.
How to Make Insurance Policy Reviews Easier and Faster
The idea of doing an insurance policy review probably doesn’t get you excited, but that doesn’t mean it has to be complicated or time-consuming. With a few simple habits, you can make the whole process quick and low-stress.
Start by setting a calendar reminder
Put a recurring note in your calendar once or twice a year. That way, it doesn’t fall through the cracks. Pick a slower season if possible, so you’re not juggling it during your busiest stretch.
Keep a simple log of changes throughout the year
Bought new gear? Hired a crew? Landed a major contract? Keep a running list of these changes. When it’s time for your insurance policy review, you’ll know exactly what to mention to your agent or broker.
Work with someone who knows your industry
A broker who actually understands your type of work can make a huge difference. They’ll ask better questions, spot gaps faster, and help you avoid issues before they turn into claims.
Store your policies and COIs where you can find them
If your insurance paperwork is scattered across emails or files, you’ll waste time tracking it down. Keep copies in one place so everything’s ready when it’s time to review.
The more organized you are, the easier every insurance policy review becomes, and the more confident you’ll be that your coverage fits where your business is right now.
Make Insurance Policy Review a Habit, Not an Afterthought
Staying covered isn’t just about having insurance, it’s about keeping it in sync with how your business actually operates. A quick insurance policy review a couple times a year can help you avoid claim surprises, meet contract requirements, and stay focused on the work. Whether you're running a team or flying solo, it’s smart to build review time into your regular routine. And if your business depends on jobsite work like lawn care, property maintenance, or grading, you’ll want to check out specialized options like Landscaping Contractor Insurance. The right coverage starts with knowing when to update it, and that’s something you control.