If you own a business, you need to keep up on your commercial insurance policies. You can't afford to make mistakes where your insurance coverage is concerned. A lack of the proper coverage could come back to cause problems later on. Many business owners purchase their commercial insurance policies and then forget about them. If you haven't updated your commercial insurance policies in a while, there could be holes in your coverage. Here are just four of the reasons why you need to update your policies as soon as possible.
1. You've Made Changes to Your Staff
If you've recently made changes to your staff – whether through hiring or firing – you need to update your policies. Your insurance policies should provide an accurate accounting of all the employees you currently have on your staff. If it doesn't, you and your employees could be missing out on valuable protection. Now's the time to sit down with your insurance agent to update your employee information.
2. You've Opened a New Location
If you've recently opened a new location, and you haven't updated your insurance policies, you may not be as well-protected as you should be. Your policy can only provide protection for the locations that are listed on the coverage. If your new location isn't listed on your policy, you might not be protected against damage or liability. Take the time to add your new location to your existing business policy.
3. Your Business Plan has Changed
If you've made changes to your business plan since you took out your insurance policy, it's time to contact your insurance agent. This is particularly important if you are now providing different services. Your business insurance coverage is geared towards to type of services you provide. If you no longer provide those services, you need an updated policy. This is particularly true if the current services you provide require additional liability coverage or protection.
4. You've Updated Your Equipment
If you've recently updated your equipment, and you haven't noted the investment on your insurance policy, you need to take care of that right away. Your current policy limits might not be sufficient to protect your new equipment. Not only that, but your policy may require you to specifically list the equipment that is covered. If your new equipment isn't listed on your policy, it might not be protected against loss, damage, or theft.
If you haven't updated your business insurance in a while, it's time to contact your insurance agent. Updated policy information will ensure that you have the right coverage for your business operations. Contact an agency, like Cache Valley Insurance Inc, for more help.