Business insurance is an essential part of keeping your business protected in the event of lawsuits, damages, or other incidents. However, there will always come a time to change your policy. As your business grows or declines, it will have different insurance coverage needs for varying stages.
While evaluating business insurance policies isn’t the most fun task for running a business, ensuring that your company has adequate coverage is crucial. There are many instances where business owners should be prompted to reconsider their current business insurance policies. Let’s review some common events to indicate it’s time to evaluate your business insurance.
The current policy is expiring
When it’s time to renew your policy, it’s an excellent time to review your coverage. You may find that some information has changed, which could impact your policy. You’ll want to update this information to ensure your business is adequately covered.
Even if you don’t necessarily have a problem with your current insurance policy, it may be a good time to shop around and see if you can find something better. Consulting independent insurance companies can help business owners determine what they actually need for their coverage and what is a reasonable cost for it.
Hiring more employees
Business growth often comes with an increase in employees. Depending on which state you live in, you may be required to have worker’s comp and liability insurance. A business owner could be held liable for their employees’ or independent contractors’ actions and will need the appropriate coverage.
Alternatively, you may also need to reevaluate your insurance needs if you downsize your business. You may need different coverage in these scenarios.
Revenue has changed
Whether your revenue goes up or down, it’s important to check if your insurance policy is keeping up with it. Sometimes liability insurance is based on revenue, which could lead to a larger bill than expected at the end of the year. If you provide an estimated revenue for insurance, a business owner should make it as close as possible to the actual number to get accurate coverage.
Change in assets
A business owner will need to look at how their assets have changed when evaluating business insurance. Some assets to examine may include equipment, land, materials, or technology.
For example, maybe you have relocated and moved to a bigger office. This means you need to ensure that your insurance policy covers the correct square footage of the space you are renting. Otherwise, the insurance may not cover damage to your office.
Operations are different
Businesses often add or remove products, services, or goods throughout their history. As operations change within the company, a change in business insurance coverage may need to happen.
How to get business insurance in Stuart, FL
Businesses are always changing, which often means what a business owner needs in their insurance policy has also evolved. That’s why contacting an experienced insurance agency will work out in your favor. Insurance agents are always aware of the different types of business insurance. A good insurance agent will help you review your insurance when it’s time to renew and ensure your business is receiving adequate coverage.
At Gambale Insurance Group, our agents can tailor policies to ensure that you have what you need at the best possible rate. We offer a variety of insurance products to fit your coverage needs. If you would like to discuss your insurance options, please give us a call at 772-223-6007 or request a quote online. We look forward to hearing from you!