The success of a business is measured by the growth of the company. It needs to adapt itself according to the needs of their customers and also adopt new business strategies which comply with the new market conditions. However, when changing the dynamics of your company, it is bound to affect the insurances of the company. So, when is the good time to warrant a review of the liability insurance in case there is a major change?
In case you are shifting your company or adding something major to it, it is a wise option to contact your insurance agent to get a revised quote for your business insurance. If your company has a general policy for liability and property, or separate policies for business and property, the insurance depends upon the value of your company, building type and the area your office occupies. Increasing the office area can have a major effect since the risks due to perils related to it also increase, and protecting yourself and your company from such liabilities is a wise thing to do. You must keep your insurance agent informed about your physical location at all times.
It is also a good option to include measures in your office which reduce the risk of catastrophes and improve the overall safety of the building as well as the employees since this will decrease the quote of the small business insurance and also improve your credit rating. Moreover, the premiums of your current policies might also decrease with the safety measures. Keeping your details updated with the insurance company will make it easier to renew commercial insurances and make the process more quick and accurate.
It is also a good practice to keep tab of the competitor’s policy features. Do not get carried away by your insurance company under the pressure of your business. Take out time and think with a clear mind. Consult an independent insurance agent and ask him to bring the details of the various different policies in the market. In case you feel that your insurance company is charging you more than actually required, then it is best to change the policy. Your liability insurance is the best protector in times of change or risk. With the right insurance policy, you will not have to worry about the minute details and will have all the time to focus on the growth of your business.