Reasons to Review Your Business Insurance

If you are a small business owner, chances are, you already know how important your business insurance is. At times, business owners will purchase their insurance policy when they first open their business and not give it another thought. It is important to review your business insurance each year to ensure that you are not overpaying or that your business is completely covered.

1. Business Improvements—If you have rebuilt, remodeled, replaced any equipment, or even purchased new furniture, you may need to review your business insurance. You will want to be sure that any new additions to your business are covered should you unexpectedly experience a loss.
2. New Products or Services—If you have added new products or services to your product line, you may need to review your business insurance to make sure that you have enough product liability insurance.
3. Vehicle Use—If you have added company vehicles to your business, then you will need to review your business insurance to add the proper coverage. Even if you do not own company vehicles but require employees to drive their personal vehicles for company-related purposes, you will also need to speak to an insurance agent to see if your employees are covered should an accident occur.
4. Changes in Business—Changes in business happen all the time... Your business may either grow, or shrink. Your business insurance policies need to reflect any changes in your business status, so this may be a good opportunity for you to look into different business insurance options.
5. There is a Chance You Might be Overpaying—Likewise, changes may have occurred in your business where you may not need insurance you previously needed. Review your policies to make sure you are not paying for coverage that is no longer necessary for your situation.