Simply having commercial insurance coverage isn’t enough to protect your company. You also need to update your commercial insurance policy periodically to ensure that it is adequate for your company’s needs.
The following are four signs that it’s time to update your commercial insurance policy.
You have recently invested in new equipment for your company.
It’s essential that you have insurance coverage on any valuable piece of equipment you use as part of commercial operations. Make sure your policy covers any new equipment you’ve purchased and offers theft, damage, and injury coverage on your commercial equipment.
Your company has grown significantly since you first took out your commercial insurance.
The larger a company is, the more commercial insurance it generally needs. Your revenues have probably increased if your company has grown significantly since you first insured it. You’re also likely working with a larger number of vendors and customers, which means more liabilities.
Company growth means it’s time to revisit your commercial insurance coverage and make necessary changes.
There have been significant changes in your hiring needs or practices.
One of the most essential types of coverage you need for your company is worker’s compensation coverage.
If you have recently increased the size or makeup of your staff, make sure your commercial insurance policy is adjusted accordingly.
Your company has experienced significant increases in the value of assets.
Ideally, your commercial insurance policy maximums should be high enough to cover the full value of all your company assets.
Any increase in the total value of your company’s assets should include corresponding updates to your maximum coverage limits on your commercial policy.
Contact us at Insurance Solutions Inc. if your company in Cullman, AL needs to purchase commercial insurance or update existing coverage.