As a business owner you may be wondering when is the right time to review your commercial insurance coverage. The truth? Right now! If it’s been awhile since you’ve reviewed your business insurance, a current review of your commercial policy can help determine if your current coverage meets your current and future needs. Here we will provide you with four times scheduling a commercial coverage review will benefit you.
4 Times Scheduling a Commercial Insurance Coverage Review will Benefit your Business
- If you’ve recently hired or purchased new equipment – You now have more to protect and that means a review of your coverage is important. This can include purchasing a commercial vehicle, adding new tools to your company toolbox, hiring drivers or administrative staff, or investing in new technology.
- If you’ve recently sold a business – For several business owners, buying and selling businesses is natural. In this instance, if an owner leaves the company and sells, a review of your commercial insurance policy is important. New management will have the opportunity to make changes, add coverage, and understand their coverage and will allow the former owner to rest easy knowing they have been removed from a policy.
- Downsizing or Expanding – Maybe you’ve grown and your employee count has increased or maybe you’ve shrunk and need a smaller office. Either way, a review of your commercial coverage will help determine the right coverage for the current size and risk of your business.
- Annual review – Even if nothing has changed, an annual review of your commercial insurance coverage is important. If nothing else, it is an opportunity to meet with your agent and look for better rates. Your agent will ensure your needs are properly covered and answer any questions you have about your coverage.
Whether you’re expanding, downsizing, buying or selling, a review of your commercial insurance coverage is always important. A review of your coverage can be the difference between being covered when something happens or not.
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