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Understanding Insurance

2 min read

There is a good chance you are overpaying for insurance or are significantly underinsured for risk if your commercial policies haven’t been reviewed in the past 12-18 months.

Business owners know it’s important to protect their investments with the right insurance coverage. When it comes to properly safeguarding company assets, commercial insurance should be at the top of the list.

There are several important reasons to have a professional review your policies.

Understand your coverage:

When it comes to commercial insurance, understanding your coverage limits is essential. It’s important to know how much of your property and liability insurance is covered if the unexpected happens. The last thing you want is to be left with a large bill while trying to get back on your feet after an accident or natural disaster.

Evaluate possible risks:

When planning for your business, it’s important to think about potential risks. Commercial insurance can help protect against those risks, such as property damage, liability claims and financial losses due to theft or other occurrences.

Are you overpaying?

Researching and comparing commercial policies can be a daunting task, but not doing the research can end up costing you. Taking the time to compare commercial policies from reliable companies can be well worth it in terms of both coverage and savings.

Bought new equipment or expanded?

Making sure your commercial insurance policy is up to date is an important but often overlooked part of running a business. If you’ve added new activities since the last time you reviewed, or made investments in equipment, those need to be taken into account; otherwise, you may be leaving yourself open to liabilities and financial losses in the event that something unexpected happens.

Has your revenue changed?

When it comes to commercial insurance, the trick is to stay ahead of the game. Every business is going to experience changes, big and small, so being proactive in updating your coverage means that you can go forward with confidence knowing your business is protected against the future.

Lock in a 3-year rate:

A 3-year policy might be a great fit once you’ve done a full review. This type of policy gives business clients stabilization and budgetary control. While the premium may fluctuate with changes to existing exposures such as increasing sales or revised building valuations, the rate itself won’t change for their property, general liability, crime and inland marine insurance.

Managing your commercial insurance is an important process that can save you money and headaches down the road. Be sure to understand your coverage limits and evaluate possible risks before selecting a policy. Having a thorough review with an insurance professional can give you the assurance the policy covers all assets while also accommodating any added activities or investments.

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