It's time for your annual insurance checkup

There are many reasons to review your business insurance coverages on an annual basis with your independent insurance agent. While it's common for small businesses to start out with a basic insurance package like a business owner's policy — which includes commercial property and general liability protection — as business grows and evolves, coverage needs do, too.

You may not realize that changes in your business oftentimes expose you to new risks that you are not prepared for. Here are questions to discuss with your independent insurance agent to help ensure your business is properly protected.

GENERAL BUSINESS

• Has the name of your business changed?
• Have you restructured your company's ownership (e.g., gone from sole proprietorship to LLC or corporation) or added any DBAs (doing business as)?
• Has your business changed owners, partners or officers?
• Has the nature of your business operations changed?
• Do you now also service the products you manufacture?
• Have you changed or expanded the types of products you sell and/or services you offer?
• Do you have aging equipment?
• Have you purchased new equipment?
• Have you added new locations, expanded into new states or outside of the United States?
• Have you closed or moved any locations?
• Has the mailing address of your business changed?
• Has the physical location of your business changed?

Any "Yes" means you may need to add coverage or increase your coverage limits on

• General liability coverage
• Property coverage
• Professional liability coverage
• Product recall and product recall liability coverage
• Excess liability or umbrella coverage

EMPLOYEES

• Have you hired new employees?
• Do you have remote workers?
• Has your payroll changed?

Any "Yes" means you may need to update your:

• Employment practices liability coverage
• Workers' compensation

INTERNET

• Are you specifically covered for hacks, viruses and data breaches?
• Do you have a website?
• Do you sell anything online?

You may need to add coverage or increase your coverage limits on:

• General liability
• Data breach or cyber liability coverage

VEHICLES

• Have you added or eliminated vehicles used in your business operations?
• Has the usage of vehicles covered by your policy changed (e.g., distance they are traveling or what they're used for)?
• Do you use your personal vehicle for business, allow employees to use your personal vehicle for business or allow employees to use their own personal vehicles for your business?
• Has it been longer than 12 months since you reviewed the limits of liability provided by your policy?
• Has it been longer than 12 months since you reviewed the deductible(s) required by your policy?
• Do you have new drivers that should be added to your policy?

Any "Yes" means you may need to add coverage or increase your coverage limits on:

• Commercial auto policy
• Excess liability or umbrella coverage

GLOBAL BUSINESS

• Do you have international customers?
• Do you or your employees travel overseas for business?
• Are you sourcing any materials from outside the United States?
• Do you have a foreign manufacturing facility?

Any "Yes" means you may need to add coverage or increase your coverage limits on:

• Excess liability or umbrella coverage
• international coverage

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All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage. For more information about The Hanover visit our website at www.hanover.com.

LC 2018-047