Best Times to Revisit Your Business Insurance Coverage
Best Times to Revisit Your Business Insurance Coverage
Businesses are always in motion. When they are not riding the waves of success, they are fighting drowning in problems. Everyday brings new opportunities and challenges. It can be tempting to believe that once you choose a business insurance policy that is one task that is out of the way. Because businesses are fluid, situations change. That means business insurance coverage may need to be adjusted. It can help to use these changes in your business as cues to update your business loss prevention program. Here are some of the situations that should prompt you to revisit your business insurance coverage.
When You Change Business Locations
If you started your business at home and moved it to a rented space or a building you have purchased, it is important your business insurance coverage grows with you. Your financial and liability risks are likely to increase. A business insurance review would be prudent.
When You Make an Upgrade in Inventory or Equipment
Another point at which you should review your business insurance is when you purchase a significant piece of equipment, upgrade systems or add a large amount of inventory. This would include adding any company-owned vehicles. When you have more at stake, you have more at risk and your business insurance should protect against that growing risk.
When You Add Employees or Show an Increase in Sales
Growth can occur so gradually in business it may be happening before you fully recognize it. If your year-to-date sales are showing significant trends upward, its time to revisit your business insurance plan.
If There’s a Change in Ownership or Business Structure
If you’ve added a partner, bought out a partner or incorporated, your business insurance should reflect these changes. These changes should trigger a review.
Business insurance should be reviewed annually, and especially if any of the above changes occurred in your business. As independent insurance agents, our professionals are qualified to review the business insurance policies issued by any company. If you are due for a business insurance review contact us today.