Over the past year, your business has changed. Your insurance should too. To ensure you have the most comprehensive commercial insurance coverage, schedule an annual review with your agent. Together, you follow the process of renewing business insurance to confirm that you have the right protection for you and your employees.
To properly prepare for your renewal of your business insurance, ask yourself the following questions:
- Has your company moved to a new location? During the past year, have you moved from a home office to a commercial space? Or from one commercial space to another? Have you expanded or opened additional locations? Moving places for any reason can affect your commercial insurance costs. For example, your premiums may decrease if it is a smaller place, in a safer area or equipped with advanced security features
- Has there been a change of staff? If the number of employees or the hours they work each week have changed during the past year, you may need to update your employee's compensation coverage. Entrepreneurs you want and need to make sure your employees are covered, but you should not pay for more staff than you have.
- Have you purchased new equipment? The cost of your business insurance is based on a lot of factors, including the type and amount of equipment you own. If you have replaced obsolete machines or added new items to your arsenal, inform your agent. (Read more about bonus: 4 ways in which your company can benefit from equipment malfunctions.)
- Have you bought new vehicles? How you use your vehicles and how much you travel can affect your commercial car insurance. If you have bought or sold a company vehicle, added delivery services or changed existing service areas, you may have new insurance needs.
- Do you have life insurance? Although often considered a personal insurance, life insurance offers many unique benefits for business owners. Of course, it is obvious that it offers income exchange for your family. But for more incentives, read our blog post titled Entrepreneurs: Here are four reasons to get life insurance.
For the most part, your insurance company should do its job quietly and without your full attention. After all, that's what your policy is for. But when your renewal comes, it pays to spend some time re-evaluating your business changes and the company you have chosen to protect yourself. Are you looking for a new perspective? Talk to one of our local, independent agents today.
For more information, explore all the commercial insurance coverage we offer. Entrepreneurs should start here.