Taking the time to review your commercial insurance policies in Alliance is something you probably think you don’t have time for or just have no interest in doing it. But if you just let it renew automatically each year and don’t have a complete review with your agent, you could be paying too much, be underinsured, and put your business in unforeseen financial risk that it may not be able to survive.
The time when you have to file a claim is the worst possible time to learn that you don’t have enough coverage on your commercial insurance policies in Alliance. Keep in mind that when your business changes, so do your risk.
Here are some examples of how your commercial insurance policy changes as your company change.
Decreasing/increasing the number of employees you have. When there are changes in staffing, it means that’s your workers’ compensation insurance needs to be adjusted accordingly. If you are growing and moving into a larger space or you are downsizing and moving into a smaller space, your commercial insurance policies in Alliance will need to be adjusted.
Adding new commercial vehicles. When you first started your business you probably had just one vehicle that doubled as a work truck and a personal vehicle. But as you grow and have more employees driving and new vehicles were purchased, they would need to be insured through your commercial auto policy. Those vehicles should have been added to your policy when you purchased the vehicle(s) but if some time has passed and your drivers have good driving records, you could be eligible for new deductions.
Your business has grown at a favorable rate. The more work you complete, the more your risks are elevated. You should increase your liability coverage so you don’t pay more out if someone is using your company or an injury occurs on your property.
Major changes in ownership. If a partner quits or passes away, you are bringing in a new partner, or when ownership changes in any way, your policy needs to be updated to add/remove names on the policy so that no one is hit with unexpected liability.
You’ve started using subcontractors. It’s important to be aware of your legal liabilities to your subcontractors and in the case of any injury, you could be at risk. Make sure that the subcontractors you use have their own insurance policy so that they are responsible for any damage and/or injury that may happen so you won’t be responsible for the costs incurred.
We realize that dealing with insurance can feel like a chore and you probably don’t look forward to it. But keep in mind that conducting at least a review of your commercial insurance policies in Alliance annually can help you save money in the long run in the event of claims due to the adjusted/added protection it offers. Also, as your business changes, you may be eligible for larger discounts that will help your bottom line.
If you haven’t conducted a comprehensive review of your commercial insurance policies in Alliance this year, please contact our office today and our agents will be happy to explore how we can better protect your business.