When to Review Your Commercial Insurance
Each commercial venture is different. That means they take on different risks and progress at different rates. When it comes to business insurance in Banning, CA that protects companies, many business owners have a ‘set it and forget it’ mindset. If your business doesn’t experience significant changes throughout the year, this may be an appropriate method. However, there are a few situations that, when they happen, can impact your insurance costs and coverage. Take a look at some scenarios when you should consider contacting your insurance agent and review your coverage.
When to Review Business Insurance
- Your business significant grew or shrank
Perhaps 2020 has been kind to your business and increased the demand for your service or product. Perhaps you were hit hard by the pandemic and had to let a few employees go as your profits shrank. Whatever the case, when your business changes size – for the better or worse – you need to update your insurance policies. While you aren’t required to contact your insurance provider when your business fluctuates, if you do, your insurance agent can help you stay on top of how much your business should have and how much you should be paying.
In the case of a large increase in revenue, you’ll owe back money for the entire time that your business exceeded your original revenue estimate. If you lost employees, you will need to update your workers’ compensation insurance, too. Keep your agent in the loop, whether your business is speeding up or slowing down.
- Your locations, products, or services changed
When you open, close, or relocate, it will influence your insurance needs. Always notify your insurance agent when big changes happen among your business locations. Be sure you have the right locations listed on your policy so that the right building and property are covered. If you sell a new product or service that is quite different from your current list, you should notify your insurance agent. He or she will be able to update your insurance coverage to reflect this change – new services come with new risks, after all.
- You made improvements to reduce your risks
Has your business improved its risk management program? How about its safety procedures? Whether you update systems or implement safety procedures, there are many ways you can reduce your business’s chance of risks and hazards. Let your insurance agent know so that they can update your policy. You may potentially have earned a discount by doing this, too.
When looking for business insurance in Banning, Beaumont and more, we are here to help. Let the professionals take care of your insurance needs. Little & Sons Insurance Services has been providing California residents with customized insurance services since 1922. Contact us today for reliable business insurance.