Every company goes through periods of growth and change, wherein their insurance needs also change. A commercial insurance review will help you go over every aspect of your company’s needs. It will uncover areas of growth as well as add new equipment or locations to the policy. Changes will be noted, and your commercial coverage will be adjusted as necessary. During a review, your agent will go over all of your company’s needs to ensure that it is fully protected against all types of incidents.
Here are a few reasons why you may need to review your commercial insurance.
1. Significant Changes in Size
Companies grow, but they also downsize. A commercial insurance review will determine if your insurance offers sufficient coverage for every aspect of your business. Any significant change in size can lead to gaps in coverage. These gaps can lead to devastating financial loss. Adjusting your commercial coverage will not only save you money but also guarantee that your company has the protection it needs in an emergency. When a company downsizes, getting rid of coverage you no longer need is a great way to save money and limit your budget.
2. Purchase of New Vehicles or Equipment
Any time a company purchases new vehicles or equipment, a commercial insurance review is recommended. Vehicles and new equipment can add up to a considerable investment. It’s essential that your insurance company add them to your policy as soon as you take possession. This way, you know that your company is fully covered from the minute the final purchase is made. Any time you purchase expensive equipment or a new vehicle, your insurance agent should be the first person you contact.
3. New Security Measures
New security measures can dramatically reduce your company’s risk of loss. State of the art security systems, security patrols, and automated systems that require two-step authentication are all great means to protect your business. Lowering your financial risk can lead to reducing your insurance costs as well. The more effective your security, the lower the coverage you require. A thorough evaluation of your company’s security protocols and systems will give your agency an idea of how much coverage you need.
4. Changes in Locations or Services
Companies may expand both in terms of new locations and new services. Hence, a greater coverage may be required to keep your company protected from different types of losses. Knowing that your insurance agent can maintain your existing coverage and adjust it according to the changes will give you peace of mind. This is where a commercial insurance review can help your business move forward, even amidst the changes.
A commercial insurance review is an excellent tool for keeping your company financially secure. It can identify gaps in coverage and ensure that all of your company’s weaknesses are addressed and sufficiently covered. To find quality insurance for all of your business needs, contact the professionals at Chambers & Company Insurance Brokers.We are willing to assist you with all your coverage needs.