When Should I Review my Existing Business Insurance Policy?

Businesses grow and change constantly – this is the nature of a thriving economy. Therefore, it follows that a company’s business insurance coverage should change with it. It is important for a business owner to periodically review and tailor their business insurance policies so that their company is always protected as fully as possible.

Business insurance policies, with the exception of bonds, usually expire after a term of six months or one year. Business owners should always review their existing policies a few weeks before the renewal date, and contact their agent or insurer to make any necessary adjustments before the renewal policy is instated. Also, business insurance policies should be reviewed in the event of major changes within the business inside the policy period. Through your agent or your insurer, you can make changes to existing policies before the policy expires, although you may have to renew the policy starting on the date upon which changes were made.

Adjustments to a business insurance portfolio should be made in the event of one or more of the following developments: addition or subtraction of employees (or subcontractors, if applicable); addition or subtraction of automobiles, trucks, or service vehicles to the company fleet; purchases of large or expensive equipment or supplies; commencement of (or stoppage of) domestic or overseas shipping; changes to the nature or location of business property, including the rise or fall of property values due to a changing real estate market; or changes in the value of goods shipped, received, or stored by the business. Allowances should also be made in choosing coverage amounts for inflation, market values of goods, value of U.S. dollars against worldwide currencies, and other economic fluctuations.

Remember, business insurance is an important asset to any company, and it should be chosen and maintained with care. If you have questions about business insurance, talk to the experts at Insurancequoteonline.com. They can help you set up a new business insurance portfolio, recommend ways to update your existing portfolio, and – best of all – find ways to save you money without sacrificing quality of coverage. For more information, please click for a free quote or call 1.800.649.9094 to speak to one of our knowledgeable insurance specialists. No matter what type of business you own. Insurancequoteonline.com is your best resource for business insurance.

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