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Why Canceling Business Insurance May Cost More Than Keeping Your Coverage

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Why Canceling Business Insurance May Cost More Than Keeping Your Coverage

Businesses across the nation have been disrupted by COVID-19. If your business is closed for a couple more weeks or months, you may be looking for every way in which to save money and protect your business from ruin. As such, you may be tempted to cancel your commercial insurance in Banning, CA until you are back up and running. However, there are a few things to know before doing so.

 

Why Canceling Your Commercial Coverage Could Cost You More

 

  1. You won’t get a refund. Since most insurance companies do not allow you to pause your commercial insurance for a couple of weeks or months, you will end up having to cancel your policy and go without coverage. Keep in mind that you will not get a refund for any premiums. In fact, you may end up having to pay a portion of your remaining premiums if you cancel your policy early.
  2. You leave your business exposed. If you go without coverage now, you leave your business exposed to more financial damage. Even if guests are not visiting your storefront, your company still faces hazards. Every business is at risk of vandalism, theft, fire, cyber attacks, and more. If you don’t have insurance protection in place, you could end up facing a huge repair bill if a disaster were to happen to your business.
  3. You will pay more in the long run. Even if you don’t think you need general liability insurance right now, you will do when your business resumes. However, if you cancel your insurance policy, you will have a gap in coverage. Carriers see this as a large red flag and may hike up your premiums more than they were before. As a result, your business hasn’t saved any money in the long run.

 

Do you need reliable insurance that stays in line with your budget? We can help! Little & Sons Insurance Services has been providing California residents with personalized insurance services since 1922. Contact us today for all of your business insurance needs.

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