At Insurance Solutions Inc., we’ve seen too many businesses accidentally void their commercial insurance when it wasn’t necessary. That’s because they fall into common coverage lapses that are easy to avoid. Here are a few issues that could cause you to lose your insurance.
Failure To Pay Your Premium
One of the simplest and easiest-to-avoid policy lapses is a failure to pay your premium. Too many people fall into this trap unnecessarily. That’s because they forget to or purposefully fail to pay their premium. When the grace period lapses, your policy will be voided. When this happens, any problem that affects your business won’t be covered by your insurance.
When buying new insurance, your business will be inspected by your carrier. They will decide if your business is safe to cover or if you should be denied. If you fail their inspection, they will void your insurance and leave you without coverage. As a result, it is critical to take steps to ensure you meet these standards. These standards may include having a safe operational environment and up-to-date appliances and equipment.
Auditing By Your Insurance Company
Excessive or high claims may trigger concerns from your commercial insurance company. As a result, they may end up auditing you. During this period, they may end up temporarily voiding your coverage until the issue has been resolved. Thankfully, it is usually possible to get your policy back. However, it will take a lot of work to ensure things go smoothly.
Avoiding These Issues
If your Cullman, AL business has a policy you are worried about voiding, contact us at Insurance Solutions Inc. We will take steps to fully ensure you and work hard to get your coverage as up to date as possible for your insurance.