Monitoring and updating your insurance coverage helps keep your business adequately covered.
Commercial insurance policies vary from business to business, changing based on the size of the company, the number of its locations, the coverage preferences of the policyholders, and so much more. With so many changes hitting the business landscape on a daily, weekly, and monthly basis, it's easy for business owners to lose sight of their policy and fall out of touch with the coverage that provides peace of mind. As a new year gets underway, there has never been a better time to review your commercial insurance policy and make sure that you're completely covered for what lies ahead.
Each year brings plenty of new opportunities, shifts, and changes that can impact any business - often entire industries. Take time to review notes, invoices, and projects to identify new changes that could potentially impact your policy. Did your company install an expansion on its facility, or maybe even add a new location altogether? Are there any new employees driving corporate vehicles that need additional coverage? Speaking of vehicles, are there any new additions to the company equipment fleet that require additional coverage? Even new products or services could bring a shift to your general liability coverage - no change is too small.
As the size of your business changes, so should your insurance coverage. Whether you're business is building out or consolidating operations, right sizing your insurance coverage to fit your operation ensures that you're neither underinsured by your policy or paying for coverage that you don't need.
While many business insurance policies are similar for businesses of all sizes, there are plenty of options out there. On top of general liability coverage, it's important to find the perfect blend of property insurance, workers' compensation, auto, cyber liability, or other business insurance types that fit the needs of your growing operation and keep your team covered.
Remember to revisit existing policies to account for the age of equipment and property while also considering the state of company finances. Older vehicles can often have their coverage rates reduced, contractor's equipment coverage should be reevaluated, and higher deductibles may make more sense than they did in past years. Every company is unique, meaning that there is no single answer to the questions that many may have. However, by performing due diligence and reaching out to an insurance professional, you're able to ensure that your coverage is on track to continue providing complete coverage for years to come at a price that's appropriate for its coverage.
Our team at Lowry specializes in creating custom personal and business insurance policies that provide reliable coverage designed entirely around each case's needs. We focus on the client, identifying opportunities for improvement and providing unbiased guidance that you can rely on.