If your coverage does not change along with your business, you could suffer losses. You might leave yourself open to risks for which you don't have protection. A review of your business assets is a good place to start.
Determine Existing Assets 
The best first step is to know what assets your company owns. Your business insurance will list all real estate on it. This includes leased or owned property. It should include any outbuildings, sheds, signage, trailers, or other property. Be sure it lists any specific asset by name. You want to be sure this information is accurate. Then, answer the following questions:
- Do you still own these items as a part of your business?
- Did you add any new assets to the business in the last year?
- Has the value of these items appreciated or depreciated over the last year?
- Can you replace these items easily if lost?
- Do you still use these items as a component of your business?
These questions give you insight into what your coverage is and how well it is working for you right now. Be sure to update it by calling your business insurance agent.
Consider New Risks
Naming assets on your insurance is a good first step, but not the only thing you need to do. You also need to be sure the risks your company faces are the same.
To do this, work with your insurance agent. Discuss risks in your area such as crime rates. You may also want to consider weather events. The value of rebuilding your real estate can also play a role. If the cost to rebuild increased over the last year or so, you may need to improve your coverage. You want your policy to cover the total cost of rebuilding, especially as construction costs rise.
Business insurance is only as good as the details. If your coverage does not match the risk and value of the property you own, your agent can help you. The process takes updating your coverage. It may mean adding more protection or removing some. The key here is to learn what to expect from your policy. If the policy matches your needs, you will gain the peace of mind knowing your assets have protection.