There is a certain art to getting the right combination of business insurance, coverage, price, and service. Not all business insurance companies are created equal; they offer different kinds of coverage, have different limitations, and offer different services. Our job is to match your business with the insurer that can offer you the coverage you need at the right price.
Sometimes, a business owner or manager can forget about their business insurance. This can be a big mistake. If you do not review your business insurance annually, your business may be lacking the best business insurance possible. Here are a few reasons why your business insurance may be lacking.
Has Your Business Changed? If you offer new products, have hired more staff, use subcontractors, or purchased new and/or additional equipment, your business insurance will need to be updated. It is important to update your coverage, or you may have less insurance than you need at the time of a loss.
Are You Providing a New Service? If your business offers a new service to customers, you may need a different kind of insurance. For example, if you are a contractor and now provide design services, you will need professional liability insurance.
Are There New Laws or Statutes? Often laws are passed that can affect your business. For example, new laws have been created relating to using independent contractors. Often employers may use independent contractors to get around hiring additional employees. There are standards that your business must follow.
Have You Made Changes In Ownership? If your ownership or management team has changed, it is possible you need to review certain aspects of your insurance coverage.
Changes in Revenue. Your business insurance premium is tied to revenue. One of the policies this will greatly affect is Business Interruption Insurance, as this covers you for loss of profits while your business is out of action