When Should Your Business Move Up To A Better Commercial Insurance Policy?
More often than not business owners think about their personal or home insurance policy, but may fail to pay the same diligent attention to their business insurance.
As a business owner it falls squarely on your shoulders to determine if your deductibles need to be raised or reduced. Failure to do this for business owners is not from a point of neglect but really more from a point of being overrun by many issues.
When you think about your commercial insurance and your deductibles and whether to raise them or reduce them, you might as well review your policies as well.
It is important to have a sit down with the insurance broker at least once a year to discuss commercial policies if your enterprise is small to medium, with about 6 employees and no heavy machinery. A larger outfit will need more regular interactions with your insurance broker.
If you going through an expansion phase or relocating, it is definitely prudent to consider moving to a better commercial insurance policy.
When to Review Your Commercial Insurance Policy
At some point in the life of your business, you will be required to review your cover and, in some instances, you might have to upgrade to a better commercial insurance policy.
Expanding your business
Growth and expansion is inevitable for any thriving enterprise, and it might translate to more employees, a larger space, or newer and larger equipment. It might also mean relocating to another city or country. This necessitates a change in your commercial insurance policy to one that provides you with the adequate coverage your commercial enterprise demands.
Changing Your Business Model
If you are changing your business model, perhaps to an online platform, or switching to an automated service but getting a larger warehouse to store your merchandise, a change in policy is advisable. Any major change to your business model will mean a change in your commercial policy. Getting a better policy means you are always protected in your move.
New board members and partners may mean taking on new employees or creation of new departments. All partners, board members and new staff need to be covered the same way everybody else in the firm is, and this inevitably means upgrading to a better commercial insurance policy.
If you find yourself contemplating better commercial insurance policy, it can only mean that your business is growing in the right direction. Do not be afraid to embrace the change in the business as well as the one in the policy. It will pay off along the way! Contact an agency, like Steve Younglove Insurance, for more help.