Every business needs the right combination of coverage price and service in order to protect their business. One mistake many business owners can make is to never review or evaluate their business insurance. We recommend that you consider an annual review of your business insurance program, in order to make sure you are getting the coverage you need.
Your business risk keeps changing, and you need a business insurance program that keeps up with your risks. Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing, and the right insurer. It is necessary to update your commercial or business insurance coverage to insure your business can sustain a loss.
Here are some items you need to consider each year.
· Changes in employees
· Increase or decrease in revenues
· Operational changes
· New products or services
· Update to machinery or equipment
· Changes to corporate structure
· Loss of key sale person
· New contracts or agreements
· New vehicles
When your business insurance coverages are up for renewal, it's always a good idea to check them carefully. Make sure the insurance is tailored to your specific needs and that the coverage rates are reasonable. In addition, you can always read the fine print to make sure you fully understand your policies so you know what you'll be protected and what exclusions apply.