When Should I Renew my Business Liability Insurance Policy?

It is always a good idea to do a regular check up of your business finances. This includes reviewing your current insurance coverage to see if it suits your current needs. Naturally, you want to renew your policy when it is close to expiring, but there are other scenarios where renewing your policy makes sense.

Should I Renew my Policy After a Recent Expansion?

If your business has just added a few new employees, you hopefully have already updated or renewed your worker's compensation coverage. But, if your firm has moved to a larger office and has begun to offer additional lines of service, you need to renew your policy. You may need additional forms of insurance to ensure the new risks or liabilities your recent success incurs are covered.

When you undergo an expansion, you might want to renew your existing policy for more coverage limits just as you would plan on keeping business expenses down. You also might think to add an umbrella policy, one that will take over insurance payouts after your basic policy limit is used up. If you have expanded your business, there is no doubt you have more to think about protecting.

Take some additional coverage to see to it that what used to be your limit of $1,000,000.00 in insurance is now supplemented. An umbrella policy can be purchased to cover you for an additional $500,000.00 or more. You can choose to do without an additional policy such as an umbrella policy, but if you have recently seen your company grow to such a successful level, you would be wise to ensure it as completely as possible.

Also, if your company has added a new product line, you might want to renew your product liability insurance to include covering any liabilities to the end user or consumer of this new product. Your existing policy can always wait for you to add to it once it is nearing its expiration date. Or, can it?

On What Other Occasions Should I Renew Coverage?

If you like to check your business's health at the start of a new year, then that is a great time to review your insurance coverage. You will notice if it is up to date and covers any changes that have affected your company during the course of the year. You can get started on making any changes or additions to your insurance policy right away. The fact is that you do not want to get too comfortable working on your business and putting your insurance needs in the back of your mind.

It is important to focus on your company's growth, but do not forget the liabilities and risks that this new growth may present. It only takes that one accident or mishap to find out that your existing policy does not cover your new insurance needs. So, think of reviewing your insurance needs regularly, at least once a year.

If your local regulations change, that may be yet another reason your insurance coverage will need to be reviewed and adjusted to meet those changes. You do not have to constantly look your policy over to be sure your business has all the current coverage it needs. Most of the time any local laws that change insurance needs will give your company ample time and notice in order to obtain the correct coverage.

Renewing business liability insurance policies can also mean saving money, so make sure you renew or review your coverage regularly. You might find that taking an extra step in reviewing your coverage needs leads to you saving on insurance costs, too. It never hurts to get some quotes to find out.

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