As a business owner in Arizona, you already know how many moving parts go into running a successful operation. From managing employees to balancing budgets, there’s a lot to think about, so it’s understandable that your insurance policies might not always be top of mind. But if it’s been more than a year since your last insurance review, it may be time to take a closer look.
Regular insurance reviews are more than just administrative tasks – they’re essential to keeping your business protected, compliant, and cost-effective. Whether you’re a startup just getting your feet under you or an established company scaling up, an annual insurance review helps ensure that your coverage is aligned with your current needs, not your business’s past.
Why Regular Insurance Reviews Matter
1. Your Business Is Constantly Changing
Growth is good, but growth also brings change. Maybe you’ve hired new employees, moved locations, or upgraded your equipment. These changes can directly impact your insurance needs.
For instance, if you’ve increased your payroll, your workers’ compensation premiums may need to be adjusted. An outdated policy may leave you underinsured, putting your company at risk in the event of a claim.
2. Regulations and Insurance Markets Shift
State and federal regulations around business and health insurance are always evolving. Arizona’s insurance landscape, in particular, has seen several shifts over the past few years, especially with regard to health plan compliance, small business mandates, and benefits taxation. What was compliant or competitive a few years ago may now be outdated.
A regular review with a licensed insurance broker ensures you’re not only meeting legal obligations but also taking advantage of new opportunities. For example, new policy bundles or tax-advantaged health plans (like HRAs or ICHRAs) may now be available that better suit your business model and employee needs.
3. Employee Expectations Have Changed
The benefits landscape has changed drastically since the pandemic, and employee expectations have evolved as well. According to a 2023 MetLife Employee Benefit Trends study, 61% of employees say that health and wellness benefits are more important to them now than ever before. In Arizona, where competition for top talent is strong, especially in industries like tech, construction, and hospitality, your benefits package can play a critical role in recruitment and retention.
An annual insurance review helps you stay competitive in the talent market by evaluating whether your current offerings are still aligned with what your employees actually want and need.
4. Cost Savings Opportunities
Insurance costs can creep up over time, especially if your policies automatically renew without review. A regular review gives you the opportunity to shop for better rates, apply for available discounts, and eliminate duplicate or unnecessary coverage. It also helps identify cost-saving strategies such as adjusting deductibles, changing carriers, or bundling policies for better premiums.
Many Arizona business owners are surprised to find that they’re either overinsured in one area or underinsured in another. A good broker doesn’t just sell insurance; they help you fine-tune your policies to maximize value.
What Should You Review?
During an insurance review, you’ll want to assess all areas of your coverage:
- Health Insurance Plans – Are your plans still meeting employee needs and remaining competitive?
- Group Life and Disability – Have you considered or updated your group benefits?
- Property and Liability Insurance – Does your coverage reflect your current assets and potential liabilities?
- Workers’ Compensation – Is your policy aligned with your workforce size and risk exposure?
- Additional Policies – Do your employees want additional policies such as cancer insurance?
A comprehensive review should also examine policy limits, deductibles, named insureds, exclusions, and endorsements to make sure nothing’s fallen through the cracks.
How Often Should You Review?
A full review should be done at least once a year or more frequently if any of the following happens:
- You’ve added new locations
- You’ve hired or lost a significant number of employees
- You’ve experienced a claim
- You’re approaching policy renewal
By setting an annual insurance review on your business calendar, you create a habit that protects your business from unnecessary risk.
How J.C. Lewis Can Help
At J.C. Lewis Insurance Services, we’ve been helping Arizona business owners navigate their insurance needs for over 50 years. We specialize in working with small to mid-sized companies and understand the unique challenges facing Arizona entrepreneurs.
Our team provides clear, personalized advice to help you review your current coverage, compare options, and make strategic decisions based on your business goals. We’re not just here to sell policies, we’re here to make sure you’re covered for what matters most.
If it’s been a while since your last insurance checkup, now is the perfect time to schedule one. Reach out to a trusted partner like J.C. Lewis Insurance Services to review your current policies, clarify your options, and make sure your business is fully protected.
