Bill Quickel's - Insurance Plus Agencies Inc. Blog |
 Many small business owners wonder when they should review their insurance coverage. The truth is that if it has been a while since you’ve reviewed your business insurance, it might be time to make changes. A review is a great opportunity to determine whether your policy meets your current needs. It might help you decide if your level of coverage requires an adjustment. Here are a few times when scheduling a review with your agent is important. Expanding or Downsizing One example of when companies need to review their business insurance is during expanding or downsizing. If you’re moving to a smaller office, chances are high that you don’t need as big of policy as in the past. Likewise, a larger space or a bigger staff requires an increase in coverage. A review is a great time to determine where your level of risk fits with the current size of your organization. Purchasing New Equipment or Hiring New Employees If you’ve recently purchased new equipment or hired new employees, take a look at your business insurance. After all, anytime you have something extra to protect, it is time to have a discussion with your agent. This includes buying new commercial vehicles or adding employee drivers. Failure to do so could have serious consequences or even denial of a claim if there’s ever an incident. If You’ve Sold a Business For many entrepreneurs, buying and selling businesses is normal. In this case, it is important to have a policy review at the time the owner leaves the company. This gives new management the opportunity to make changes to suit their needs. It also helps give the old owner peace of mind in confirming their removal from a policy. Review Your Business Insurance Annually It is important to review your business insurance annually, even if nothing major has changed. This ensures that you’re still getting the right coverage for your needs. It even gives you the option to shop for a better premium. A licensed agent will also be able to guide you in understanding that you’re fully protected for your individual level of risk. Do you have questions about how often you should review your business insurance coverage? Blog post by: ITC
10 Comments
Thanks for helping me understand that reviewing the business insurance policy you have will help determine if the size of your organization would be the same as the risks it might face. In my opinion, it is beneficial to actually get the right coverage for the size of your company, so you will not have to use your own funds when you need them. It would be useful for any replacement or repairs needed for the property or any medical expenses for workers or clients as well. 9/14/2022 08:05:47 am
My friend wants to make sure that he keeps his business properly insured. It makes sense that he might want to review his insurance plan every once in a while. That way, he can have his plan change to fit recent changes in his business. 11/17/2022 11:32:22 pm
Very helpful article for me. I was searching for this topic because I am a blogger in the beginner stage. Now I will use these methods for my blog. I hope it will work for me. 11/21/2022 07:23:17 am
I recently started an online business so this post was very helpful. Thanks for the great tips! 11/21/2022 06:24:44 pm
Thank you for emphasizing the importance of reviewing your company's insurance on an annual basis, even if nothing significant has changed. My husband says he wants to purchase business insurance for his new e-commerce venture and the warehouse. I'll suggest that he review his business insurance. 12/23/2022 02:47:49 am
I appreciate when you explained that the insurance plan you have should be reviewed annually when you have a business, especially when there are major changes. I guess it would be important to work with a professional or agent to ensure that you are always informed when making decisions. First of all, you definitely need their help to get the right business liability insurance coverage that would be beneficial for your company. 12/27/2022 08:50:52 am
It's helpful to know that businesses that just bought new equipment or hired new employees should review their insurance coverage. The other day, I talked with my sister about her business idea, and it looks like she'll start her business in a few months, so I believe she'd benefit from reading your article now. Thanks for explaining why it's important to add extra protection for your business with the right insurance. 4/27/2023 10:57:36 am
It's good to know that you should check your insurance after hiring new employees. My husband is planning on getting insurance coverage for his new company this summer, so he wants to make sure he does everything right. I'll pass these tips along to him once he finds the right coverage to get for his company. 5/9/2023 02:03:17 am
Regularly reviewing your business insurance coverage is crucial to ensure that you have adequate protection for your changing needs. This includes expanding or downsizing, purchasing new equipment or hiring new employees, and selling your business. An annual review is also necessary, even if nothing has changed, to ensure that you have the right coverage and to explore options for a better premium. Contact your licensed agent to guide you in understanding your level of risk and protection. 5/31/2023 10:20:37 pm
No doubt this is an excellent post! I got a lot of knowledge after reading this, thank you! Leave a Reply. |
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