As a small company owner, you might be wondering when to update your insurance plan. For those who have shifted operations during COVID-19 to meet new customer expectations or restrictions, you might have updated your coverage. To help you make probably the most informed decisions, here are other situations during which it might be time for you to revisit your policy.
Your business changes. So should your insurance policy.
Noticing that your policy term is nearly over isn't only time when you should contact your insurer. You'll want to speak with them in case your business is different in noticeable ways all year round. There are a variety of the way in which changes to your business may affect your coverage.
It's important to remember that the amount of coverage you've matches the present value and processes of your business. In case your business is different in any way, your policy could need an update to mirror those changes. Including offerings something new or service, launching a web-based store, or expansion into new locations.
These are changes that can modify the worth of your company, and as a result, your insurance policy needs. If you are one of the small businesses planning for growth, it's important to notify your insurance provider before these changes happen. Your representative should be able to walk you through any adjustments, additions or subtractions that will are necessary to your policy to mirror those changes. Having inadequate coverage can leave you vulnerable to risk and potentially a loss.
Here are examples of key questions to ask yourself when reviewing your policy:
- Have you changed your company name, home address, products/services, entities, or partnerships?
- Has anything changed with your business vehicle usage?
- Are you confident with the liability limits inside your current policy should you be confronted with a lawsuit?
- Does your current policy protect your company contents, tools, equipment, , data, privacy, and any mistakes in tech-related work?
Key moments to improve your insurance
We realize that running a small business is busy enough, and that's why we've taken the guess work out of knowing when to update your coverage. Below is a listing of key moments that may prompt a modification of your coverage needs. If any of them affect your business, be sure to contact your insurance carrier and also have your policy reviewed.
- Hiring new employees or replacing key employees.
- Renovating your present space, adding a new location, or moving primary locations.
- Entering into new agreements or contracts with supplier.
- Purchasing new vehicles or replacing existing vehicles.
- Upgrading your equipment or investing in technology that makes your business, building, or employees safer.
- Changing the ownership structure of your business.
- New tenants around the business premises or changes to the neighbourhood.
- Offering new products or services, or expanding products into new markets.
Get flexible, affordable coverage with TruShield
At TruShield, we know you've got a lot on the run like a small business owner. We'll use you to make certain your insurance plan addresses all of your unique risks and may grow together with your business. Get started today by visiting our business insurance page!
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This blog is provided for information only and isn't an alternative to professional advice. We make no representations or warranties concerning the accuracy or completeness of the information and will not be responsible for any loss arising from reliance upon the information. Terms, conditions and exclusions apply to coverage. See insurance policy for details.
