Commercial insurance is a necessity, and there are multiple reasons why you want to review your policy on an annual basis. As your business grows, there may be the need to obtain additional types of commercial insurance. When you first started, for example, you may not have any commercial vehicles. However, you may obtain vehicles during the second or third year of business – and these need to have commercial insurance over them.
Additionally, insurance companies may offer new and different types of coverage each year, which can provide you with additional financial protection for your business.
Business owners should review their policies every year to make sure there are no errors and that they are not under-insured. Circumstances can change errors happen and policies may have still been obtained with caution and care. Substantial risks and expenses can occur without yearly analysis. It is common for smaller businesses to use basic insurance when they first get started. General liability policies and commercial property insurance are two common examples. As their businesses evolve, most people find that they need other forms of coverage.
Businesses evolve and grow over time. Your commercial insurance isn’t any different. You may want to review your commercial insurance if any of the following 8 scenarios sound familiar:
#1 changes to staffing levels
#2 purchasing new company vehicles or equipment
#2 making improvements to your building
#4 changes in your company’s revenue
#5 adding a new facility or leasing a larger one
#6 working with new vendors or contractors
#7 changes to your leadership team
#8 adding new products or services to your business
As part of our commitment to providing you with superior risk management services, ProAction Insurance is committed to providing our clients with superior risk management services. We pride ourselves with saving healthcare agencies time and money by addressing your potential risks and providing you solutions to reduce your costs. Most importantly, we can help to review your commercial insurance to ensure you are getting the right coverage at the right price.