Review your Business Insurance

Christian Escudero
June 1, 2022

As a business owner, you receive an insurance renewal notice each year; every year, the simplest thing to do is sign it and return it. However, signing a new policy without reviewing your coverage is usually a giant disservice to your business. Why? In many cases, you’ll land up underinsured and/or overpaying for coverage.

Avoid being underinsured

It’s easy to land up underinsured because, generally speaking, businesses continually grow and expand. This could mean that your business has built an addition to the office or acquired new equipment over the last year. When you take the time to review your coverage, you can make sure that your business policy protects all new assets. It’s recommended that you simply review your coverage at least once per year, or after a large purchase.

Shop around with your agent

Another reason to review your coverage, specifically along with your independent insurance agent, is because you could be able to get an improved price from a different insurance carrier. But you’ll never know if you could save unless you ask your agent to shop around on your behalf before making a decision.

ASK for discounts

Either way, you’ll also save by asking your agent about discounts. You may be eligible for savings if you’ve increased the safety/security of your workplace by installing fire sprinklers, security cameras, and other protective devices. However, these discounts aren’t often offered up unless you ask first

In order to get the appropriate amount of coverage for the best available price, review your business insurance every year.