You may not realize it, but at Contactors Insurance Agency, we do an annual coverage review. Why? Because there is a lot happening in your business and sometimes, you may not reach out to us to share those great things, but they may be reflective on your insurance.
It may be something that needs to be added that you didn’t realize, or something that needs to be removed, or even a savings in your coverage or an increase, depending on what is going on. We want to be sure we cover all of this with you so you continue to have the best coverage possible, at the best price.
What to Review & Update Each Year
Here are some of the things you want to be sure to review each year:
Property policy limits and inland marine coverage. This could change due to rising material/equipment costs meaning what you have could be outdated valuations that can expose your financially.
Workers Comp needs to be reviewed so you ensure you have legal safety nets and coverage aligned with payroll changes.
Commercial auto gets reviewed to ensure there are no new equipment or rentals that may require coverage upgrades.
General Liability endorsements, E&O, Cyber all need to be reviewed for consulting, data handling or new service lines that need tailored insurance.
Limits and Location Specific Endorsements may change due to new job sites or offices which can introduce fresh exposures.
Umbrella and D&O need to be reviewed because higher earnings or corporate changes can mean bigger liability risks.
Step-by-Step Annual Review Checklist
- Inventory your assets: List all equipment, vehicles, tools, and properties—verify policy limits reflect current replacement values.
- Audit your workforce: Note staff changes, subcontractors, and temp hires—adjust workers’ comp and EPL accordingly.
- Map your services: Are you offering new design, digital, consulting, or delivery services? Add gaps in coverage.
- Evaluate contracts/endorsements: Identify additional insured and waiver of subrogation needs based on outstanding jobs.
- Check policy changes: Insurers may alter terms/exclusions. Highlight any introduced limitations over recent renewals.
- Seek discounts: Ask about bundling, risk-mitigation discounts, or premium adjustments for increased deductibles.
- Consult your broker: Walk through changes, understand implications—and don’t renew before fully understanding your plan.
Benefits of Annual Reviews: Beyond Policies
- Peace of mind: Confident that your coverage is accurate, compliant, and effective.
- Financial readiness: No surprises during audits, renewals, or claims.
- Competitive edge: Well-structured insurance can help win bids, meet contract requirements, and build client trust.
Annual coverage reviews aren’t optional—they’re essential. By systematically aligning your insurance with the current realities of your contractor business, assets, workforce, contracts, and services—you protect yourself, your employees, and your future.
Stay proactive—book your annual insurance review now! We’ll walk you through each step, evaluate exposures, unlock potential savings, and make sure every coverage piece is just right!