As business needs change, keep insurance up-to-date

It is unrealistic to assume that once an insurance policy is chosen for a business, that it will never need to be adjusted. Companies must evolve along with changing technologies in order to stay current and able to meet customers' needs.

For example, privacy policies often need to be adjusted within a business, especially with how the organization is allowed to handle - and possibly share - customer data. James Snell, co-chair of the privacy and security group at the Bingham McCutchen law firm, told Bloomberg Businessweek that it is important for companies to not only consider their current business plan, but to also look ahead to five or ten years down the road.

As new products, technologies or partners are added, privacy policies should be adjusted accordingly. Additionally, new laws and data collection practices arise all the time, so business owners must keep abreast of such opportunities. 

"A privacy policy has to be viewed as a living document," Snell said. "Just as consumers don't often read policies, sometimes the folks who promulgate them don't revisit them. I really think it's an important thing to make sure that the practice matches what the policy says."

The same mindset can be taken to finding the right general insurance policy for a business. For example, an owner cannot assume that they originally purchased flood insurance when they first opened their doors. Several years later, after heavy rains, it could be devastating to discover that the policy was not purchased.

Working with commercial insurance specialists can be very beneficial for business owners. As each company is different, and will likely have varying needs over the years, it is important to find a commercial insurance policy that is able to properly cover daily operations.




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