Now that we've looked at some of the reasons why your business needs insurance, let's talk about why diligence is so important when it comes to keeping up with your coverage. There are a few key things to keep in mind: First, if you cancel your policy or let it lapse, you could be facing some serious consequences. For example, if you cancel your property insurance and then have a fire at your office, your insurer may refuse to pay out any claims. And if you let your liability insurance lapse and someone gets hurt on your property, you could be sued for much more than the cost of premiums. In short, cancelling or letting your policy lapse is a risky move that could end up costing you dearly in the long run. Second, even if you do have coverage, there may be gaps in what's covered. That's why it's so important to review your policies regularly and make sure that they still meet your needs. As your business grows and changes, so too will its insurance needs. Failing to update your coverage could leave you exposed in the event of an accident or lawsuit. Finally, remember that not all insurers are created equal. Some will provide better coverage than others, and some will be more responsive when it comes time to make a claim. It pays to shop around and find an insurer that meets your specific needs. And once you find one that works for you, be sure to stick with them! The longer you stay with an insurer, the more loyalty discounts you'll receive on premiums.