What Insurance Gaps Should I Fix Before Year-End?

As the year winds down, most people are focused on holiday plans, closing out business goals, or prepping for tax season. But there’s one crucial area that often gets overlooked in the year-end shuffle—insurance coverage. Whether you’re a business owner trying to protect your livelihood or a homeowner ensuring your family is secure, now is the perfect time to uncover and fix any insurance gaps before they turn into costly surprises in the new year.

Here are three of the most common insurance gaps to review and correct before year-end:

Outdated Coverage Limits

Why it matters: Life and business don’t stay the same, and your insurance policies shouldn’t either. If you’ve experienced any changes this year—like a home renovation, equipment upgrade, staff expansion, or revenue growth—your current policy might not provide enough coverage.

Example for Business Owners: You expanded your retail location and added inventory to meet demand this fall. If your commercial property or business personal property insurance limits haven’t been updated, you could be left underinsured in the event of a fire or theft.

Example for Individuals: You finished a basement remodel or bought new furniture and electronics. If you haven’t updated your home insurance policy’s personal property coverage, a claim might not cover the full replacement cost.

What to do: Review your property values and policy limits with your insurance agent. Make sure coverage reflects current assets, not last year’s numbers.

Missing or Inadequate Liability Protection

Why it matters: One major lawsuit or liability claim can derail everything you’ve worked to build. And the end of the year brings more activity, more traffic, and more risk—especially for businesses hosting events or individuals entertaining guests.

Example for Business Owners: You host a customer appreciation event or holiday party, and someone slips on the premises. Without sufficient general liability coverage (or liquor liability if serving alcohol), you could be left paying damages out of pocket.

Example for Individuals: You host a family gathering and a guest is injured, or your teen causes a car accident that exceeds your auto policy’s limits. If you don’t have umbrella insurance, your personal savings could be at risk.

What to do: Talk to your agent about your exposure. Consider increasing liability limits or adding an umbrella policy to create a financial safety net that protects both assets and future income.

Gaps in Specialized Coverage

Why it matters: Certain situations require tailored coverage that standard policies don’t include. If you’ve had life changes or new risks emerge this year, you may need specialized protection.

Example for Business Owners: You started using contractors, renting equipment, or offering new services. These all require specific endorsements or new lines of coverage (like professional liability, equipment floater policies, or hired/non-owned auto coverage) to ensure full protection.

Example for Individuals: You started using your home for short-term rentals, bought a second property, or added a recreational vehicle. These new ventures come with unique risks that require customized coverage beyond standard homeowners or auto policies.

What to do: Make a list of any personal or business changes in the past year and bring it to your year-end insurance review. Your agent can identify where your standard policy leaves off—and how to fill in the gaps.

Don’t Start the New Year Exposed

Fixing insurance gaps now can save you thousands (or more) down the line. With January 1st just around the corner, there’s no better time to protect what matters most—your business, your home, your family, and your future.

At Hertvik Insurance Group, we make it easy to review your policies and adjust coverage to match your evolving needs. Whether you’re a business owner or individual policyholder, our experienced team is here to spot the gaps you might miss and craft a plan that protects you year-round.

Don’t let an outdated policy leave you vulnerable. Contact Hertvik Insurance Group today for a complimentary year-end insurance review—before the ball drops.