Wed 23 September 2020
Comprehensive business insurance is a must for all entrepreneurs. But under what circumstances do you need to take another look at that policy and make important adjustments? Here are some times when it would be a good idea to review your business insurance plan and add or change your coverage.
- Change of employees: Has your staff grown or changed significantly? Are you hiring employees for the first time ever? Make sure you have the necessary employee compensation and liability insurance to cover your staff. And remember that if your company employs over 50 full-time employees, you are required to offer health insurance and other benefits.
- Vehicle change or vehicle use: If you add one or more vehicles to help you run your business, make sure you have a commercial use policy. If an accident occurs during business, a regular car policy may not protect you.
- Change of goods or services: If your business has developed to the point where the actual product or service you offer differs from your original business plan, it may be time to make some adjustments to your insurance. This also applies if you add goods or services that you did not originally offer.
- Business flourishes or slows down: Your insurance coverage is based on a valuation of what your business is worth and revenue. you do or do not do. If your business income has taken off or hit, you may want to make some changes so that your insurance gives you the right coverage.
- Your assets have changed: If your company has acquired any new assets; whether it is equipment, land, materials, technology or something else. Take immediate action to ensure that these valuables are covered before it is too late.
- You take greater risk: The other important factors that insurance companies use to determine your coverage and premiums are how much risk you carry. If your company has taken a greater risk, it is important that you notify your insurance agent and reconsider your coverage.
- Reviewing Your Insurance: It is always a good idea to carefully review your business insurance when it is up. for renewal. Make sure your insurance really matches your unique situation and that the coverage amounts make sense. In addition, you should always read the fine print and make sure you understand your policies in detail, so that you understand under what circumstances you will be covered and what exceptions you need to know about.
The conclusion. .. Having a strong business insurance is crucial for your peace of mind and to protect your business in the long run. If your business is undergoing a significant change, you may want to review your insurance coverage to ensure that you remain protected. If you are unsure, contact your insurance agent for guidance and to keep your insurance up to date.
For any of your corporate insurance questions, call or contact Keller-Brown Insurance Services today.
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