Streetsmart insurance Blog
One of the most common items businesses overlook is updating your insurance policy. Often times, businesses just renew the insurance policy without checking if it is still relevant. Since we have a very busy schedule running our business, we would like to get this task completed as soon as possible.
Many business are guilty of this, but it is very important to realize that as your business changes so too does your insurance needs. Businesses are always in flux. The same should also be true with your insurance policy to properly reflect what you need.
Start with the simple details
First items to review are the general information details. Ensure all profile information is accurate and up to date.
Ensure that the replacement costs and values are up to date. Names and terms are correctly spelled out and included.
Review policies and change accordingly
Are the terms of your policy still compatible with the business you have? Some of the business updates you made may deem some terms in your policy expendable. Or on the other hand, you may need additional coverage due to your new business model.
If your business changes, your insurance needs will follow.
Do you need new coverage?
By reviewing your policy, you may find some overlooked items. Does your current policy include flood or earthquake coverage? If not, you may want to inquire about this, especially if you are in a prime area.
How about your workforce? It is common for your workforce to experience turnover. This will change the demographics of your workforce. This may mean a change in their insurance needs. Is the estimated payroll still accurate? You may want to review the employer's liability limit as well.
Another consideration is if your business has a car fleet. Have you verified the list of vehicles? Are there any new vehicles or vehicles to write off? You will want to check the liability limits and physical damage deductibles in your policy.
There are many things to consider in your insurance policy. With the ever changing business landscape, this will affect your policy as well. Work with your insurance specialist to ensure you are getting the most out of your policy. At Streetsmart Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (732) 462-8343. Get your free quote today by CLICKING HERE.