It’s that time of year again when many of us look at our lives with renewed energy and fresh eyes. As you make resolutions to improve your overall well-being this year, take some time to include a business insurance review as well. Below are questions and scenarios you should consider as you review your business insurance needs.
- When was the last time you updated your insurance policy? If your business has grown or evolved since then, you may be exposed to added risk.
- Has your workforce increased, or are you using more contractors? If yes, you may want to consider reviewing or adding Workers’ Compensation coverage, Employment Practices Liability Insurance coverage, and Errors and Omissions coverage.
- Have annual sales grown? If yes, consider whether your liability limits are high enough to cover your current exposure.
- If you’ve expanded into new service lines, you may need to add new endorsements to your liability policy.
- Check safety records and licensing for all the drivers in your business. Tell your insurance agent if drivers are frequently using rented vehicles.
- Have you engaged in any new contracts that could affect your liability? Review the “insurance and indemnity” sections of your policy with your insurance agent.
- Did you acquire more equipment? An increase in equipment could impact your commercial property policy.
A quick conversation with your insurance agent never hurts. Even if you haven’t experienced any significant changes in the last year, your agent can help determine if a new insurance option might better suit your needs.
Contact your insurance agent today to review your coverage and mitigate risk. Or find your local insurance agent to learn if a SECURA policy might be right for you.
