Your business insurance needs can change frequently. A proper business owners policy (BOP) is a smart way to protect your business and its assets. You try to plan for every eventuality when you first buy business insurance, but sometimes circumstances change. There are times that you should re-examine your business needs. Contact your insurance broker when any of the following events occur:

You Relocate Your Business

Business insurance needs differ from location to location. If you relocate your business to another state or even within the same state, contact your insurance agent immediately. Even if you plan to use the same company for your business policies, adjustments to the rates and terms are needed.

You Recently Made a Claim or it’s Been a While

Some insurance companies penalize you if you make a claim. You may get hit with a higher premium, or with reduced benefits. Likewise, if you’ve gone an extended period of time without a claim you may qualify for reduced premium. If you have recently made a claim, speak to your insurance broker about any possible repercussions. One of the benefits of working with an insurance broker is the ability to shop your policy in the event of a premium increase.

Your Assets Have Grown

One of the primary reasons to have business insurance is to cover your assets. If your assets have grown significantly, chances are that it’s time to increase your coverage amounts. If disaster strikes, you’ll want to make sure you have enough to build your business back up.

You’ve Downsized Your Business

If you’ve downsized your business for any reason, you should notify your insurance agent so the two of you can re-examine your business insurance needs. It’s pointless to have too much coverage when a smaller amount will work. An insurance review at this point may save you money on premiums.

You’re Expanding Your Services

Is your business going to be offering additional services or products? Make sure you let your insurance agent know exactly what you plan to sell. Some insurance companies don’t cover specific services or products. You’ll want to be sure your coverage includes the new product or service line. Also, if you’re adding more employees to the payroll, you will need to adjust your workers' compensation insurance to ensure you’re rated properly.

You’re Merging With Another Company

A merger should trigger a review of your business insurance. Your company might be covered under the other company’s insurance policy, or vice versa. A formal evaluation will be warranted to make sure you don’t duplicate coverage.Any of these six events should have you picking up the phone to speak to your insurance agent about your business coverage. For advice and assistance, please contact us today!