As your business changes, your insurance needs may also change. That is why it is essential to review your commercial insurance policies regularly. In doing so, you may discover aspects that need to be updated or altered. You may also find ways to reduce premiums and save money.
Below are tips to make sure you have the right policies in place. The experienced team at Remo Insurance Agency can also work with you to help secure the coverages that best suit your business. Contact us today for more information.
5 Questions for Reviewing Your Commercial Insurance Policies
Your business may utilize several strategies when reviewing your commercial insurance policies. Although it may be tempting to purchase a policy and automatically renew it every year, it may be financially beneficial to set aside time to revisit your coverages on a regular basis.
Ask yourself the following five questions as you analyze your policies:
1. Do you have the types of coverage your business needs? It is vital to ensure your current commercial insurance policies are providing the types of coverage you need. By performing a risk analysis or working with your agent, you may be able to identify and close coverage gaps.
2. Has your location changed? If your business has moved, you may need to update your policies. Different areas may have different rates and you will want to ensure your policy reflects the correct location.
3. Does the amount of coverage reflect your insurance needs? When you originally selected your insurance, you likely chose policy limits. It is crucial to ensure that these dollar amounts still reflect your business’s needs. If the limit is too low, you may end up paying the excess costs out of pocket. If the limit is too high, you may be able to reduce coverage and save some money on the premium. While considering limits, it may also be beneficial to review your deductibles.
4. Has your company’s size, structure or revenue changed? Your insurance should accurately reflect your company’s size, structure and revenues. The items may fluctuate as you change staff or add clients, and they can all factor in the cost of insurance.
5. Are you eligible for discounts? Businesses may be able to get discounts on their commercial insurance. For example, purchasing multiple policies through the same insurer may help you qualify for a bundling discount. Additionally, prepaying annual premiums may reduce your costs. Discounts vary, so working with your agent to explore these and other savings opportunities is essential.
There may be other benefits to reviewing your policies. The professionals at Remo Insurance Agency are ready to help you confirm your commercial insurance adequately addresses your operation’s needs and that you are receiving the best value for your coverage. Contact us for additional information.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.