Each business is different and experiences individual levels of growth and success. No matter the size of your company, you should review your business insurance policy and requirements regularly. This practice ensures your policy reflects your specific needs as your business expands. Muller Insurance is an independent agency with local partners in New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states. Here, we outline how often you should evaluate your business insurance policy.
Communicate With Your Insurer When Things Change
As with any other coverage, business insurance policies require an annual review to ensure they meet your needs. If your business hasn’t undergone much change, one yearly revisit may be sufficient. However, businesses tend to experience more shifts and differences in their processes than homeowners or renters. Therefore, you should monitor fluctuations in your business, whether good or bad, to determine if your insurance needs have changed. Some potential scenarios to consider updating or reviewing your policy include:
Significant Growth Or Decline In Value
Several factors dictate the value of your business. Since these assets adjust constantly, your insurance policy must change to mirror these variations. Your agency may not require you to contact them when things fluctuate, but this practice can be beneficial for protecting your business.
For instance, if your company’s revenue stream increased or decreased, you might be paying too much or too little to your provider. You could be eligible for a lower premium if your business declined, but you could owe money following a boost in profits. You also could owe more if your income exceeds the estimated revenue you gave to the policyholder. To avoid being surprised or caught off guard by the costly add-ons, stay in the loop and update your policy when you notice dramatic profit changes.
Moving Or Updating Your Business Location
Maybe your business needs some renovations or a more spacious location. Whether you own or lease your building space, you should contact your insurance agency anytime you renovate or move. It can be exciting to expand your business or finally get that remodeling project done, but you won’t want to incur additional risks in the process. Prevent potential losses by updating your insurance plan to reflect your improvements and advancements.
Bringing In New Products
You should expect to launch new products and services at your business. Contact your insurer anytime you introduce an item that differs considerably from your existing offerings. For example, if you own a gym and decide to bring in childcare services, you need to communicate this change with the insurance provider. This new service comes with distinct liabilities a gym might not encounter otherwise, making it necessary for the insurer to update your policy.
These examples are only a handful of changes businesses commonly experience — plenty of other factors can affect your insurance needs. Whenever you experience a shift, get in touch with your business insurance policyholder to reevaluate. You also should reach out to your provider if you are unsure if recent changes to your business will impact your insurance needs.
Work With A Specialized Agent
Business insurance can be complicated and specific but working with an agent who has experience in creating these policies will save you time and money. Specialized agents have great advice and can help you find the most affordable plans that cater to your personalized needs. A business insurance provider also can ensure that you have the correct information regarding your state’s legal implications. Each state has different insurance requirements for businesses. Experienced insurance agencies will be familiar and knowledgeable on the regulations in your state and can give you the best input.
Review Your Business Insurance With Muller Insurance
If you think your business requires a policy review or you need quality business insurance to protect your company in NJ, NY, CT, PA, NV, or other states, Muller Insurance can help. We offer policies from several reliable and leading insurance companies and will work to provide customized coverage that meets your company’s needs and budget. Contact us to learn more about business insurance or get a quote on coverage options today.