Questions to Ask Before Renewing Your Commercial Insurance

Questions to Ask Before Renewing Your Commercial Insurance

Update your business insurance to fit your company’s evolving needs.

Is it time for your annual business insurance review?  If so, then you need to make sure that you update your business insurance to fit your company’s evolving needs.  Not sure how you should adjust your policies?  Then here are some of the questions that you should ask yourself during your policy review.

  • Have you moved to a new location?

If you have moved your business to a new location, then this change needs to be reflected in your general liability and commercial property policies.  Your coverage needs and rates will likely change depending on the size, location, and safety features of your new building.

  • Have you lost or acquired employees?

Many small businesses undergo frequent staff changes.  Whether you are losing or gaining employees, you need to update your workers compensation insurance to reflect these staff changes.  Please keep in mind that adjusting your workers compensation insurance is something that should not wait for your annual insurance review.  You need to update this policy immediately after losing or acquiring an employee to avoid costly liability issues and fees.

  • Have your product or service offerings changed?

Changes in your business’s offerings might mean updating your product liability or professional liability policies.  Additionally, if you are now conducting business transactions online, then you should also consider investing in cyber liability insurance.  This policy will protect you against the losses associated with a major data breach or cyber attack.

These are some of the questions that you should ask yourself during your insurance review so you can update your business insurance to fit your company’s evolving needs.  Do you need further assistance with your commercial coverage?  If so, then contact the experts at 01 Insurance in Astoria, New York today.