Why “Set It and Forget It” Doesn’t Work for Business Insurance

When it comes to running a business, insurance is often treated like a checkbox. You buy a policy, file it away, and assume you’re protected.

But here’s the truth: business risks evolve—so should your insurance.

At McKnight Insurance Services, we see it all the time. Business owners with outdated policies, wrong limits, or missing coverages that only come to light after a claim is denied. That’s not protection. That’s a costly oversight.

In this post, we’ll explain why the “set it and forget it” mindset doesn’t work for business insurance—and what to do instead.

What Does “Set It and Forget It” Really Mean?

It means buying a policy once—maybe when you opened your business—and never reviewing it again. No updates. No adjustments. No second look.

This might seem convenient, but it leaves you vulnerable to gaps, compliance issues, and financial loss.

If you’ve changed anything about your business—your revenue, employees, operations, services, or locations—your policy might not reflect it. And that can be a major problem.

Why Your Business Insurance Needs Regular Attention

Here are five reasons why reviewing your business insurance annually (at minimum) is essential:

1. Your Business Has Changed

• Did you hire employees?
• Add new equipment or vehicles?
• Move into a commercial space?
• Launch new services or increase your revenue?

Each of these changes can impact your liability and property coverage needs. If your policy doesn’t reflect your current operations, you may be underinsured—and on the hook for costly claims.

2. Coverage Limits May Be Outdated

With inflation and rising repair/replacement costs, a policy limit from 3 years ago may no longer be enough to replace damaged property or equipment today. That means even if you’re insured, you could still end up paying thousands out of pocket.

3. You Could Be Paying for What You Don’t Need

Without an annual review, you might still be carrying coverages for exposures that no longer exist—like vehicles you’ve sold or services you no longer provide. That’s wasted premium.

4. Carrier Guidelines and Regulations Change

Insurance companies regularly update their underwriting guidelines. Your current carrier might have new exclusions, rate changes, or endorsements that you’re not aware of unless your policy is actively reviewed.

5. Claims Trends and Industry Risks Evolve

Cyber threats, weather events, and legal liabilities aren’t static—they evolve. What wasn’t a major concern a few years ago (like ransomware or severe storm frequency) may now be your business’s biggest threat.

What You Should Be Doing Instead

Here’s how smart business owners in Texas are protecting themselves:

Schedule an Annual Insurance Review
Sit down with a commercial insurance agent once a year. Update your business details, review your risk exposures, and confirm you have the right coverage at the right limits.

Ask for a Risk Gap Assessment
At McKnight Insurance Services, we offer complimentary risk assessments that highlight where your current coverage may be falling short—and how to fix it.

Bundle and Strategize
From general liability to commercial auto, cyber insurance, and professional liability—consolidating your policies with one trusted advisor ensures better coordination and often, better pricing.

Don’t Let Outdated Coverage Cost You Everything

In business, things move fast. Your insurance should keep up.

If you’ve grown your company, added services, or even just made operational changes in the past year, it’s time to review your policy. A simple 30-minute check-in could save you thousands in claim denials or uncovered losses.