As a business owner, your priorities include growth, profitability, and managing risk, but when was the last time you took a close look at your insurance coverage? From small startups to established enterprises, the right business insurance plays a key role in protecting your assets and supporting long-term success. Too often, insurance policies remain unchanged even as a company’s operations expand or shift.
That’s why an annual insurance review matters. It gives you the opportunity to catch gaps, eliminate unnecessary costs, and explore more tailored coverage options. At Pepper, Johnstone & Company, we make this process easier by comparing policies from a range of carriers. As an independent agency, we work for you, not for a single insurer.
Why Conduct an Annual Insurance Review?
A lot can change in a year when it comes to your business. Your workforce can grow, you might expand locations or buy equipment, or maybe you retire some assets.
These shifts can impact multiple aspects of your coverage, from how well your existing policies protect you to how much you're paying in premiums. Skipping an annual review could result in:
Over-insurance (and unnecessarily high premiums)
Gaps in coverage, which could risk financial exposure
Missed opportunities to secure more competitive rates and save your business money
Step-by-Step Guide to Reviewing Your Business Insurance
Whether your year has been calm and steady or marked by major changes and rapid growth, it’s always important to take time for a comprehensive insurance review. These are the key components to focus on as you assess your coverage.
Review Changes in Your Business
Start off by taking stock of everything that’s changed over the last 12 months, including:
Did you add or reduce staff?
Purchase or sell equipment?
Open or close locations?
Change your product offerings?
Experience revenue growth or decline?
Go through a local or national disaster?
These kinds of shifts can significantly impact your insurance needs. For example, hiring more employees may require you to revisit your workers’ compensation insurance or employment practices liability coverage, while selling or acquiring equipment could mean adjusting your property or inland marine policies.
Changes in revenue or operations might also alter your risk exposure, prompting a review of your liability limits to make sure that you're not under- or over-insured. Taking time to align your policies with your current business reality can help you avoid coverage gaps and unnecessary costs.
Examine Your Current Policies
Next, pull out your current insurance policies and review them as well. Read the fine print or work with your agent to:
Check your policy limits
Identify deductibles
Note exclusions and endorsements
Verify listed assets and operations.
Many business owners are surprised to find assets they no longer own or coverages that no longer apply.
Identify Gaps or Overlaps in Coverage
Once you’ve reviewed what you have, it’s time to look for:
Common Gaps
Outdated property values
Gaps in business interruption coverage
Signs of Over-Insurance
Covering equipment you no longer own
Paying high premiums on bundled coverage that doesn’t fit your size or scope
Having redundant policies across multiple locations
At Pepper, Johnstone & Company, we identify these blind spots by leveraging access to multiple carriers, not just one brand’s offerings, so we can tailor your coverage to fit your actual needs. This broader market access allows us to eliminate unnecessary costs, streamline your policies, and ensure you're only paying for what truly protects your business.
Evaluate Insurance Costs and Compare Options
Remember, it’s not just about what you’re covered for, but also about what you’re paying. Rates can vary quite a bit from one insurer to another, especially if you have complex needs for your business. As an independent commercial insurance agency, we can shop the market for the best small business insurance companies and select competitive quotes tailored to your operations.
Hold off on canceling your current policy until you have a new one in place. It's important to avoid any gaps in coverage that could leave your business exposed. Once your replacement policy is secured, take time to review the terms of your existing business owners’ insurance. Check for any cancellation rules, including potential penalties, non-refundable fees, or notice requirements that could affect your bottom line.
How an Independent Agent Adds Value
Unlike direct insurers such as Geico or State Farm, which can only offer their own limited suite of products, independent agencies like Pepper, Johnstone & Company represent multiple insurers. This flexibility allows us to create customized coverage strategies across different carriers.
Each plan is tailored to fit your unique risk profile, industry, and budget. We act as strategic advisors rather than just policy sellers, helping you fine-tune and adapt your coverage as your business grows.
Keep Your Coverage Current and Your Business Protected
An annual insurance review isn’t just a checkbox—it’s a smart, forward-thinking move that ensures your coverage keeps pace with your business. Regular reviews help minimize risk, uncover savings, and strengthen your foundation for future growth.
At Pepper, Johnstone & Company, we believe in building proactive partnerships. As an independent agency, we’re here to help you craft flexible coverage that grows with your goals so you can focus on what matters most.
Pepper, Johnstone & Company in Athens, AL: Your Commercial Insurance Partner
Have questions? We’re here to help you understand the risks and build a strategy to protect your business for the long haul.
Give Pepper, Johnstone & Company a call today at 866-381-5821 or get a quote online. Let us help you make insurance one less thing to worry about.