We don’t need to emphasize the importance of commercial to every business. Most business owners are aware of that. Rather, we will give you a few reasons to review your commercial insurance. The best time to review your commercial insurance is in spring.
At Sound Choice Insurance Agency Inc in Lynnwood, WA, we see a spike in business insurance claims during the spring season. We know how disheartening it can be for you to file a claim only to find out that the situation for which you are filing a claim is not even covered in your existing commercial insurance policy.
This is why we encourage our clients to review their existing policy regularly, starting from this spring. Here are a few reasons why the review is a must.
It is every business owner’s dream for their business to expand. How does a business expand? It is by offering more products or services, by hiring more people, by purchasing more tools and equipment, and by extending your coverage areas.
When you undergo any of these expansions, your business may be under-insured if you don’t review your policy. For instance, if you run a construction company and you recently purchased heavy machinery, chances are good that your existing commercial insurance policy does not cover your latest acquisition. If the equipment gets damaged or burnt, you’ll be on your own. So, you should review your policy.
Insurance laws vary from state to state. If you open a branch office in another state, it is necessary to review your policy to cover your offshore business properties. That’s one leg of the review. For the other leg, your policy has to be in line with the laws in the other state in terms of business insurance.
You need to review your insurance policy to get better deals. You may be entitled to certain discounts. Also, the cost of your existing policy may have gone down slightly. You may not be able to take advantage of the discounts or new deals without a review.
For more information on commercial insurance, you can hit us up at Sound Choice Insurance Agency Inc in Lynnwood, WA.