New Year, Time to Review Your Commercial Insurance
The new year is the perfect time for a commercial insurance review. Whether you are running a small business in Whitby or managing a growing company in Oshawa, reviewing your policies ensures your coverage keeps pace with your goals, risks, and budget. At PetleyHare, we have been helping businesses across Durham Region and Ontario for more than 100 years, and we know that a proactive insurance review can make all the difference in protecting your hard-earned success.
Why Regular Commercial Insurance Reviews Matter
When it comes to protecting your business, a set-it-and-forget-it approach does not work. Insurance policies should be reviewed at least once a year, and more often if your business changes significantly.
Why? Because risks evolve. From rising liability claims to inflation driving up property values, a stale policy can leave dangerous gaps or even increase your premiums unnecessarily. By taking time to review your insurance policy, you can:
- Ensure your coverage reflects your current assets and operations
- Catch potential shortfalls before they become expensive problems
- Position your business for better rates by keeping things up to date
Ready to start? It is easy to update your current policy with one of our friendly brokers.
Key Areas to Address in Your Insurance Review
Think of an annual review as your business safety net. Here are the areas you will want to evaluate with your broker:
Update Property Values
The cost of replacing buildings, equipment, and inventory has risen due to inflation and higher material costs. If your policy has not been updated recently, your business may not be fully protected. Having accurate replacement values ensures you can recover quickly if disaster strikes.
Review Liability Coverage Limits
Lawsuits and claims are on the rise across Ontario. Whether you are in construction, manufacturing, or professional services, review your liability coverage limits to ensure they are strong enough to protect against costly exposures. Remember that liability coverage is not just about defending against claims, but also about keeping your business reputation intact.
Assess Changes in Operations
Have you expanded your staff, added new services, or opened another location? Even subtle operational changes can affect your coverage. A mid-year expansion in Pickering or a new service line in Ajax means you should speak with your broker about reviewing your insurance, so nothing is overlooked.
Evaluate Cyber Liability Coverage
Canadian businesses are making headlines for cyber breaches more often. From phishing emails to ransomware, threats continue to evolve. Cyber liability coverage helps protect you from legal costs, business disruption, and data recovery expenses. If your policy has not been updated recently, it may not be keeping up with today’s risks.
Check Business Interruption Coverage
COVID-19 highlighted how quickly operations can grind to a halt. Add in ongoing supply chain issues and remote work adjustments, and it is clear this coverage needs regular updates to reflect your current revenue streams. Without it, even a short disruption can create lasting financial strain.
Plan for Industry-Specific Risks
Every industry has its quirks. Restaurants may need liquor liability, contractors often require equipment breakdown coverage, and retailers might need theft or spoilage protection. Partnering with a broker who understands your industry ensures your policy reflects real-world risks.
Evaluate Deductibles
Higher deductibles may save you money upfront, but they can strain your budget after a claim. Work with your broker to balance your deductible levels with your cash flow and risk tolerance. The right deductible strategy can protect your business without overextending your finances.
Consider Emerging Risks
Risks evolve. From climate-related weather events to remote worker liability and ESG considerations, your policy should account for today’s realities, not last year’s. Staying ahead of emerging risks helps you adapt to changes before they become costly problems.
Conduct a Claims History Review
Your claims history can be a powerful tool. Documenting past claims helps you spot trends and, if you have maintained a clean record, gives your broker leverage to negotiate better rates. Many businesses overlook this step, but it can deliver real savings over time.
For more detailed guidance, check out our business insurance coverage options.
When Should You Review Your Insurance Policies?
The standard rule is simple: review your insurance annually. For businesses experiencing rapid growth or change, quarterly check-ins are smart.
You should also review insurance policy details whenever big events happen, such as:
- Purchasing major new equipment or property
- Launching a new product or service
- Hiring a large number of employees
- Experiencing a significant claim
Being proactive helps prevent coverage gaps and keeps your premiums aligned with your real risk profile.
Insurance Policy Review Checklist
An insurance policy review checklist can help you stay organized when evaluating coverage. Focus on these essentials:
- Property valuations and replacement costs
- General and professional liability limits
- Cyber coverage updates
- Employee counts and roles
- New or discontinued products or services
- Deductibles vs. risk tolerance
- Vehicle or fleet changes
- Past claims analysis
Covering these bases each year gives you peace of mind that your policies are still protecting your business where it matters most.
Local Expertise. Tailored Protection.
At PetleyHare, we are not just insurance brokers, we are your neighbours. With more than a century of experience in Durham Region, we know the unique risks local businesses face.
Whether you are based near our Oshawa office, our Port Perry office, or anywhere in Ontario, our brokers provide personalized guidance and coverage options from Canada’s leading providers.
Start your commercial insurance review today by connecting with our team. Explore our business insurance options or update your current policy to ensure you are fully protected for 2025 and beyond.