Sample issue. Written by AI for a fictional firm to show format and quality. Subject line: "Before your renewal: a 7-point coverage review for your business". Preheader: "New hires, new equipment, new contracts: what changed this year, and what to tell us."

The year-end business coverage review

From Maple Street Insurance (sample agency)

Hi there,

Most small businesses change more in a year than their insurance does. A new hire, a bigger contract, a new van, a laptop full of customer data: each can change what you need and what you pay. Year-end, before you close the books and before renewal, is the easiest time to catch the gaps.

Here are seven questions. If any answer is "yes" or "not sure", reply to this email and we'll review it with you.

1. Did your payroll, revenue or headcount change?

Premiums for coverages like workers compensation and general liability are often based on estimates of payroll or sales. Many policies are audited after the policy period, and if the real numbers came in higher, you may owe additional premium. Telling us about growth early avoids a surprise bill later, and if business slowed, an update may help too.

Also: most states require workers compensation once you have employees, and the rules vary by state. If you added your first employee, or hired in a new state, let us know.

2. Did you buy equipment, inventory or tools?

If you've added computers, machinery, tools or stock, check that your business property limits still reflect what it would cost to replace everything. Tools and equipment that travel to job sites may need separate coverage (often called inland marine or equipment coverage). Coverage at your premises may not follow them.

3. Do employees drive for the business?

If you or your employees run errands, visit clients or make deliveries in personal cars, your business could be pulled into a claim after an accident. Hired and non-owned auto coverage is designed for this situation. If the business owns vehicles, make sure every one, and every regular driver, is listed.

4. Do you store customer or employee data?

Payment details, Social Security numbers, health information, even a simple customer email list. Many standard business policies offer little or no coverage for data breaches, ransomware or the cost of notifying affected people. Ask us about cyber liability coverage, and in the meantime, turn on multi-factor authentication for email and banking.

5. Could you keep paying bills if you had to close for a while?

A fire, a burst pipe or a storm can shut a business down for weeks. Business income (business interruption) coverage can help replace lost income and pay ongoing expenses after a covered loss. It's often part of a business owners policy (BOP), but the limits and waiting period vary. Ask us how many months yours would actually cover.

6. Did you sign new contracts or leases?

Landlords, general contractors and larger clients often require specific liability limits, "additional insured" status or a certificate of insurance. Send us the insurance section of any new contract before you sign, so we can confirm your policy meets it.

And if you hire subcontractors, collect their certificates of insurance each year. If they're uninsured, a claim from their work could land on your policy.

7. Is your liability protection still sized for your business?

As revenue and assets grow, so does what's at stake in a lawsuit. A commercial umbrella policy adds liability limits above your general liability, auto and employer's liability coverage. Ask whether one makes sense for you.

What to send us

To make a review quick, reply with whatever applies: your current payroll and revenue estimates, any new locations, vehicles or major equipment, new contracts with insurance requirements, and any changes to the services you offer.

Questions? Reply here or call (555) 010-0100.

Here's to a strong year ahead,

The team at Maple Street Insurance

Drafted with AI assistance and reviewed by Maple Street Insurance (sample agency).

This newsletter is general information, not a description of your policy or professional advice. Coverage depends on the terms, conditions and exclusions of your policy, and requirements vary by state. Contact Maple Street Insurance (sample agency) about your situation.

Sources: Insurance Information Institute, business owners policy (BOP), workers compensation, business interruption insurance, cyber liability and commercial umbrella guidance; U.S. Small Business Administration, "Get business insurance."

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