The Importance of Reviewing Your Commercial Business Insurance
Running a successful business is hard work. You have to expertly know your products, services, and customers, while always being prepared for any unexpected curve balls that may come your way. Juggling between day-to-day tasks and long-term goals is much easier, however, when you have the right commercial business insurance protecting all your hard-earned assets.
When the time comes each year to renew your commercial insurance, you need to review the business year in its entirety. This means checking that your specific policies still meet your current needs. If they don’t, then it may be a good opportunity to get new quotes, switch coverage, or acquire additional policies.
If you own a small- to mid-sized business, chances are you have a significant amount of personal equity invested in your business. You don’t want to risk an unexpected lawsuit or liability claim wiping out your valuable assets. To protect yourself, your employees, and your future, simply sit down with a commercial insurance broker and review any business-related issues that could benefit from a policy renewal.
Review Your Policy Before Renewing
Before you meet with your insurance broker and discuss renewal possibilities, ask yourself some serious questions about your business. The purpose of this is to gauge if your existing policy still covers everything that you need it to cover. As your business grows, or faces changes in the market, new situations may arise that require slightly different coverage.
If any of these business events happened during the past year, it may be time to consider new or additional commercial policies:
- Added new products or services to your line-up
- Increased overall revenue
- Hired additional employees
- Faced a lawsuit or legal action
- Opened a new office or moved locations
- Upgraded your business with new technology or equipment
- Secured extra funding or took out a loan
The process of checking these different factors may take a little time, so give yourself at least two months to properly assess everything before renewing. When you update your insurance needs based on real-life changes like these, you can rest assured that you have the most sufficient coverage possible.
Purpose & Benefits of Reviewing Policy Before Renewing
As business expenses continue to rise, you want to make sure that you’re paying the right out-of-pocket costs for the proper insurance. Overpaying for policies that don’t necessarily meet your ever-changing business needs is not a smart business decision. This is why reviewing your current policy before renewing is always in your favor.
Remember that your insurance broker is on your side. They want your business to succeed. And they want to help you succeed by protecting your valuable assets with the most cost-effective insurance solutions that are appropriate for your specific business model.
Next Steps in the Commercial Insurance Review Process
Meeting with your commercial insurance broker is helpful on so many levels. As you address changes and potential areas of improvement, they can point out policy adjustments that are better for your overall business. If you need to add umbrella policies, or decrease certain coverages, they can assess how it will affect your long-term plans.
Managing potential risks and minimizing vulnerability should be your agent’s top two concerns when reviewing your insurance policy. Good commercial agents are also aware of industry updates, or new standards and regulations, which could also have a huge impact on your insurance.
Get a Commercial Insurance Policy That Fits Your Needs
Depending on how much your business grew or evolved over the past year, your insurance needs will likely change significantly or remain similar. A responsive and engaged insurance agent can analyze what’s best for your business and offer multiple solutions.
Hopefully your current commercial policies still provide robust coverage at a decent cost. If this isn’t the case, then changing them to more suitable options is a good business move.
Working with Williams & Case
At Williams & Case, we completely understand that no two businesses have the same insurance needs. We work individually with business clients to understand their specific industry. Learning about challenges and goals allows us to seek out and provide the best policies for any type of business.
Are you ready to review your commercial business insurance policy? See what our experts at Williams & Case can do for you.