Is Your Current Commercial Insurance Suiting Your Needs? 4 Signs That It's Time For An Update
If you've had the same commercial insurance for a while, it's time to take a look at your policy. Like your other insurance policies, your commercial policy should be updated from time to time. Those routine updates can ensure that you have the right coverage for your commercial needs, and ensure that you're not paying too much for the coverage you have. If you're not sure you need to update your policy, take a look at the list below. If any of the items fit your situation, it's time for an update.
You've Moved Locations
If you've recently moved your business to another location, you need to update your coverage. Depending on where your new building is located, you may not have the right amount of coverage. This is particularly important when it comes to potential risk factors in your commercial neighborhood. In fact, even the age of your current commercial building could affect the premiums on your commercial policy. Make sure your coverage fits your new location by having your policy updated.
You've Expanded Your Operations
If you started out as a small mom-and-pop operation, but you've expanded your operations over the years, it's time to have your commercial insurance policy looked over. You may not have the coverage you need to properly protect your business. Your insurance agent can take a look at your policy and make recommendations for the amount of coverage you need, as well as the type of coverage you need. For instance, if you've expanded to include additional employees, you may need to add workers compensation coverage to your policy.
You've Upgraded Your Security
If your building didn't have any type of security system when you bought it, but you've since upgraded and added a state-of-the-art security system, you need to talk to your insurance company. The addition of the security system could help save you money your policy, but you won't know that until your insurance agent conducts an audit of your current coverage. Make sure you're not paying too much for your policy by updating the information on your security system.
You've Had the Same Coverage for a While
If you've been in business for a number of years, and you've had the same coverage the entire time, you should talk to your insurance agent. There may be policy options and updates available that will improve your coverage and reduce your premiums.