How often should a small business review and update its insurance coverage?

In short

Kim Merrick from Selective Insurance advises that businesses should review insurance coverage as often as their business is changing and growing, especially when entering into new types of risks, adding new distribution partners, or launching new products.

Guest · A Unique Series Finale · Uniquely Small Biz · answer at 6:12

Key takeaways

• Kim Merrick from Selective Insurance advises that businesses should review insurance coverage as often as their business is changing and growing, especially when entering into new types of risks, adding new distribution partners, or launching new products.

Quote to remember

“You don't start a small business and succeed by playing tentatively, by making moves that are marginal. You have to go all in or you're not going in at all.”

The full answer · about 3 min

Kim Merrick from Selective Insurance advises that businesses should review insurance coverage as often as their business is changing and growing, especially when entering into new types of risks, adding new distribution partners, or launching new products.

Key facts

• 89% of companies that lead with customer experience perform financially better than their competitors
• 63% of customers will pay more for a great experience
• 70% of time on the road at Mike Shirley's old firm before starting Family Pet Health

People, companies and topics mentioned

More answers from this episode

• 3:34What are the three key professionals a small business owner needs according to Francine Love?
• 5:32Why did Regina Pasqualone decide to say yes to the Tiny Kitchen Candle Company retail opportunity?
• 9:07What percentage of companies that prioritize customer experience outperform their competitors financially?
• 22:20What insurance coverage gap exists for home-based businesses according to Selective Insurance?