Is It Time to Look for a New Business Insurance Policy?

Many people tend to forget about insurance in between paying premiums and renewing policies, but a little more consideration can do your business a lot of good. First of all, it’s vital to ensure that your business is adequately protected against potential risks. But in addition, looking for a new business insurance policy may even help reduce your premiums.

Stop and take a few minutes to consider your coverage. Do you feel as if you’re overpaying? Are you worried that you don’t have enough or the right type of coverage? Are you unhappy with your insurance provider’s customer service? If you answered yes to any of these questions, it’s probably time to find a new policy. (However, do not cancel your coverage until you have a new policy in place.)

Even if you aren’t necessarily unhappy with your business insurance, it’s a good idea to reevaluate your coverage needs at certain times to account for changes. Some of these times include:

Relocation: Commercial property coverage is largely based on the square footage of your space, along with building security, neighborhood crime and the risk for natural disasters. Moving to a new location will require a new coverage assessment.
New purchases: Buying a bunch of new computers or a piece of specialty equipment represents an investment that your coverage should protect. After large purchases, check with your independent insurance agent to make sure new property is covered.
Growing revenue: A growing business that is turning a higher profit has more financial assets to protect. Times of growth should be matched by taking a closer look at your business’ growing coverage needs.
New products or services: If your business begins selling new products or offering new services, you may need additional coverages to protect you against liability risks.
Hiring/firing employees: When hiring or firing a significant number of employees, it may be time to update your workers compensation coverage.

Don’t worry if this sounds intimidating; you’re not alone! Your independent insurance agent is happy to help guide you through this process to ensure that your business is adequately covered.

We’ve got your back. Call First Insurance Group at (800) 511-2892 for more information on Richmond business insurance.

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