It can be easy to forget about your insurance policy when you are not actively paying a premium or renewing the policy. However, a little consideration outside of these times can go a long way and help your business. It’s important to review your policy periodically to make sure it still fits your business’s needs. Additionally, it’s good to shop for different options to see if you could save some money on premium payments.
Consider your current coverage by asking yourself a few questions. Are you worried that you don’t have enough or the right kind of coverage? Do you feel like you’re overpaying? Are you dissatisfied with your current insurance company’s customer service? If the answer to any of these questions is yes, it may be time to consider a new business insurance policy.
Here are a few other times you should review your policy:
- New purchases—Your business insurance should cover any new investments you purchase for your business, like new computers or a piece of specialty equipment. Be sure to check with your insurance agent after large purchases to ensure that these new items are covered.
- Growing revenue—When your business grows, so do your profits, which means you have more financial assets to protect. Your coverage needs will likely increase along with your growth, so it’s a good idea to speak with your insurance agent about any new coverage needs.
- Relocation—The commercial property coverage section of your business insurance policy is likely based on the square footage of your business space, among other factors. If you move to a new location, you will likely need to reassess your commercial property coverage to include any new considerations.
While shopping for a new business insurance policy, make sure to keep your old one in place. You don’t want to be left uninsured at any point, so don’t cancel your old policy until your new policy is ready. These considerations can help you assess your business insurance with confidence and assist you in finding a policy that’s tailored to your business’s unique needs.