When Should I Have my Business Insurance Policies Reviewed?

There are numerous occasions when reviewing your business insurance policies is a good idea. The most obvious time for a careful look at the coverage you are carrying, or should be carrying, is when your policy is about to expire. If you are in the habit of trusting that policy to be fine the way it was and you simply renew it without looking it over, you could be costing your business a lot of money.

Not just money spent on the overall price you pay for your premium. That premium could be more than it needs to be and without a careful examination of your policy, you could be spending too much. It is also money spent if any potential claims your business stands to face arise and they exceed your existing coverage limits.

In order to guard yourself and your business against these money wasting scenarios, you need to think about reviewing your business coverage and workers compensation policy once a year at least without fail. If your coverage needs some revising, and the coverage which needs to be added will cost more, you can start to budget for that increase for the coming years. It is always better to have the coverage you need at a higher premium than to unknowingly go under insured.

Do not skimp on paying for insurance. If your review reveals that your company needs a serious upgrade in coverage, it is likely your company is going to need this additional insurance for years to come. Budget correctly for these adjustments now so your company can be protected by the most complete coverage possible.

Policy Reviews When your Business Changes

If you have just hired two new employees or added a significant amount of clientele to your base, you should review your existing policy and make any changes as soon as possible. Even if you just renewed your business insurance three months prior to this change, make it a priority to review your policy. Any additions to your staff means it is time to make sure you are carrying enough worker's compensation coverage. If you run a professional firm, then new clients might mean you want to raise the limits on your errors and omissions insurance.

Likewise, if your company is a local chain of pizza restaurants and you have decided to turn them into coffee shops, you probably can cancel your company automobile insurance policies. If you do not offer delivery service with the new line of business, you can cancel whatever types of insurance no longer apply. If the money saved doing this affords your business a surplus in your profit margin, why not review your policy further?

Simply because the two business models are somewhat similar does not mean they do not have vastly different insurance needs. Take the time to see what other supplemental forms of insurance might be worth having and spend the money to obtain them. If higher limits are now within reach for your insurance, purchase them.

Have Local Insurance Requirements Changed?

One other occasion when you should have your business insurance policies reviewed is when the local laws pertaining to your business's industry demand it. In an instance like this your company will probably receive notice ahead of the change. While you go over what new forms of coverage your policy will need, double check for any other changes your insurance could use. Make a routine of reviewing your coverage not just annually, but when any changes take place. This way you will ensure your business is always carrying the right coverage.

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