From small business owners to leaders of massive corporations, every person who runs a company should take the time to evaluate their commercial insurance coverage. At TruePoint Insurance, we recommend doing so in these cases.
When Your Revenue Grows
Growing revenue is what every business wants, but your company tends to take on additional risks as it expands. You may hire new employees, open a new location, or add vehicles to the company fleet. Workers’ compensation is required for any Savannah, GA business that has three or more employees, and all vehicles need commercial auto coverage. Beyond that, your coverage limits on perils like business interruption may no longer be enough to cover the losses.
When You Shed or Lower Risks
Insurance policy costs reflect the risks that your business faces. Some risks will be a part of your company’s existence no matter what you do, but there are some that fluctuate. When you move your business to a better location or no longer have a contract like shipping volatile goods, you have lowered your overall risk. Showing these improvements to your commercial insurance provider or using them to shop for a new policy could result in lower costs or improved benefits.
When Doing an Annual Review
No matter what’s going on with your business, regularly checking on your existing financial obligations and protections is a good habit. Look over your policy at least once a year, evaluate the monetary values against your business’s assets and revenue, and consider the likely costs of the covered perils. If you’re a TruePoint Insurance customer or live in the Savannah, GA area, you can contact us at any time to compare your current insurance policy with other options.