New Year, New Coverage


Written by: Categories: Business Insurance, Home Insurance

Start the Year Smart: Protect what Matters Most

At Schill Insurance, we believe the start of a new year is the perfect opportunity to ensure you’re adequately protected.

Did you buy or sell a home? Start or expand a business? Welcome a new family member? Invest in high-value items like jewelry, art or electronics? Life changes quickly and so can your insurance needs.

Taking the time now to reassess your home and business insurance policies can save you stress, money and heartache in the future.


Protecting Your Home: Key Considerations for Home Insurance

Your home is likely your most valuable asset, and it’s where life’s most cherished moments happen. That’s why it’s critical to ensure your home insurance policy is up to date.

Here are some key points to consider:

1. Rebuilding Costs

The cost of rebuilding your home may have increased due to inflation or supply chain issues. Your policy’s dwelling coverage should reflect these updated costs to avoid paying out-of-pocket in a worst-case scenario.

2. High-Value Items

Standard home insurance policies often have limits on coverage for valuables like jewelry, art, or collectibles. If you’ve made any significant purchases in the past year, consider adding a rider to ensure these items are fully covered.

3. Natural Disasters

With climate change increasing the frequency of extreme weather events, it’s essential to understand what your policy does and doesn’t cover. For example, in British Columbia, additional coverage for flood or earthquake damage may be necessary.

4. Home-Based Businesses

If you’ve started working from home or launched a home-based business, your existing policy may not cover business-related equipment or liability. Adding home business insurance can safeguard your livelihood.


Safeguarding Your Business: Must-Have Updates for Business Insurance

For business owners, the start of the year is an ideal time to ensure your commercial insurance is aligned with your goals.

Here’s what to focus on:

1. Expanding Operations

If your business has grown—whether by hiring more staff, opening a new location, or increasing inventory—your insurance should grow with it. Make sure your policy reflects these changes to avoid being underinsured.

2. Cybersecurity Risks

Cyber threats are an ever-present danger to businesses of all sizes. If you’re storing customer data or operating online, cyber liability insurance is a must. It protects you from financial losses due to data breaches or ransomware attacks.

3. Employee Coverage

Have you hired new employees? Your policy should include appropriate liability coverage for workplace injuries or claims. Additionally, group benefits or health insurance for your team can boost morale and retention.

4. Business Interruption Insurance

Unforeseen events like natural disasters or equipment failures can halt operations. Business interruption insurance ensures you can recover lost income and keep your business afloat during tough times.

Start 2025 on the Right Foot

There’s no better time than now to protect what matters most. Whether it’s your dream home, your growing business, or your family’s future, having the right insurance gives you the peace of mind to focus on what truly matters.

Contact us to connect with one of our expert advisors.