Running a business in Colorado isn’t just about keeping the doors open—it’s about protecting what you’ve built. But as your business grows (and as insurance carriers update policies), the coverage you started with might not be enough anymore.
If you’ve been with the same policy for years—or if you’ve never taken the time for an annual review—here are the questions you need to ask right now to avoid costly mistakes.
1. Am I only focusing on the cheapest premium?
Most small business owners are running on tight margins, and it’s natural to shop based on price. But choosing the lowest premium can leave serious gaps in your protection.
Chris from The Mitchell Insurance Group shared this real example:
“A landscaping company asked if I could save them money. When I reviewed their policy, I found a major exclusion: their snow-plowing operations—a third of their business—weren’t covered at all. Best case scenario, we fixed the coverage gaps and saved them money.”
The takeaway? The cheapest policy can cost you thousands if something goes wrong.
If you’re not sure whether your current policy has gaps, check out our Colorado Commercial Insurance Guide for Small Businesses for an overview of essential coverages.
2. Do I understand my workers’ comp class codes—and are they correct?
If your workers’ comp policy isn’t classified properly, you could face a big bill at your year-end audit.
“If a contractor classifies 40 field employees as office staff, they’ll owe a lot when the audit comes back,” Chris explained. “It’s all based on payroll, and misclassifications add up fast.”
Not sure if you’re set up correctly? Mid-year is a perfect time to check. Learn why in Why Workers’ Compensation Coverage Needs a Mid-Year Check.
3. When was the last time I reviewed my policy?
Many business owners set their insurance and forget it. But things change—your payroll, equipment, or even inflation rates.
One overlooked issue? Building coverage that hasn’t been updated for today’s construction costs.
“If you’ve had the same policy for 10 years, it’s probably undervalued. Inflation guards are usually only 2–4%, which may not keep up with rising rebuild costs,” Chris said.
Make it a habit: review your policy at least once a year—ideally 90 days before renewal.
4. Do I have enough cyber liability coverage?
Cyber incidents are on the rise, even for small businesses. Phishing scams, data breaches, and social engineering attacks can cost millions.
“One client nearly faced a $35,000 out-of-pocket loss due to a data breach. Thankfully, we got them proper coverage in time,” Chris shared.
If you store any sensitive information (even just customer credit cards), you need to take cyber security seriously.
5. Who’s helping me keep up with changing risks?
If you’re not hearing from your agent until renewal time—or if you’re with a company that only represents one carrier—you may be missing better coverage or rates. Working with an independent agency gives you access to multiple carriers and someone who can shop the market for you.
At The Mitchell Insurance Group, we also offer complimentary annual reviews for our commercial clients—because education, not just sales, is the priority.
Insurance isn’t just a formality; it’s your safety net when things go wrong. Taking the time to ask these questions—and working with an agent who can help you find the answers—can protect you from expensive surprises.
If it’s been a while since you’ve reviewed your policy, now’s the time.
Ready to schedule your complimentary business insurance review? Contact us here
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