Insurance is a wise investment to protect everything you have done to make your small business successful. But is the policy you bought when you started out adequate for your current needs or the direction your company is taking?

A periodic review of your insurance coverage will ensure that you are prepared for reasonable risks and that you are truly getting the most from your investment.

Start with a full assessment of your company's insurance needs. Business insurance safeguards your property against the consequences of fire, theft, liability and other common risks. As your business grows, however, you might have added new services and specialized equipment that require policy endorsements or modifications.

Disaster and business-interruption insurance is also becoming a must for business owners concerned about damage or a prolonged shutdown resulting from natural disasters, such as a toxic spill, transportation disruption or acts of terrorism. Though such events might be a rare possibility in your location, even a relatively minor event could hinder your operations.

Before purchasing a policy or increasing coverage, consider all the possible ways of holding down the costs. Cover the most risky and largest perils first, then work down your list of priorities. Don't purchase coverage you don't need. Don't overlook seemingly minor risks for the sake of saving money. If the probability is small, the premium will be, too. Use a deductible as high as you feel your cash flow and savings will allow.

Don't forget ''key person'' insurance. If something happens to you or a key associate, will the business be protected?

Remember, if you are the person who keeps everything running, an illness or injury to you could put the business in jeopardy or bankruptcy.

Making wise insurance decisions is easier and more comfortable when you work with a reputable and qualified broker agent or consultant.

Conducting research on your own is also helpful. A qualified professional, however, can make an informed evaluation of your small-business insurance needs, matching them with available coverage options.

Many small-business policies offer the option of adding riders as opposed to buying separate policies. That's why purchasing all of your coverage from a single agency or broker will help reduce costs. If multiple policies are necessary, make sure they cover separate risks. Otherwise, you will be making unnecessary payments for what is essentially the same coverage.