Commercial Insurance Planning
COVID-19 has placed a great stress on all local businesses. We recommend that your business undertake a complete review of your business insurance to make sure you are getting the best possible coverage and price. Part of your planning should include a business insurance review. Your business changes, and so do your exposures. After you review some of these items, call our office and we will be happy to discuss these and more with you.
Why Complete a Business Insurance Review?
- Your exposures may have changed.
- Laws and regulations may have created new liabilities.
- Your policy may have had small changes that require consideration and adjustment.
- You may have too much coverage or to little coverage.
Items to Consider When Completing a Business Insurance Review
- Review sales and revenue- Have your company’s annual sales increased or decreased? The more business you do; the greater potential liability you face.
- Property Values- Have you added any new equipment, purchased or leased a new building?
- Did you purchase any new vehicles?
- Do you sell any of your products in foreign countries?
- Is your safety and loss control program up to date?
- When was the last time someone reviewed your SIC codes for accuracy?
- Are you serving any new industries? This might increase your liability.
- Have you added any new partners? There might be a need for life insurance.
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.