New Year, New Risks: Why January Is the Right Time to Review Business Insurance

As businesses set goals for the year ahead, insurance often gets overlooked—until a claim occurs. January is one of the most important times for business owners to review coverage and make sure their policies still match operations.

Why Business Risks Change Every Year

Even if your business hasn’t “changed much,” risk exposure often does due to:

• Increased revenue or payroll
• New equipment or vehicles
• Expanded services
• New contracts or clients
• Changes in staff roles

These factors directly impact coverage needs and premiums.

Common Issues Found During January Reviews

At the start of the year, businesses often discover:

• Underreported payroll impacting workers’ comp
• Outdated property or equipment values
• Missing endorsements required by contracts
• Inadequate liability limits for new work

Addressing these early can prevent coverage issues during audits or claims.

Preparing for Renewals and Audits

January is also a good time to:

• Gather payroll and financial records
• Review job classifications
• Confirm subcontractor insurance
• Update certificates of insurance

Proactive preparation helps reduce surprises later in the year.

Set Your Business Up for a Strong Year

An annual insurance review helps align protection with growth and ensures your business is positioned to handle unexpected challenges.