Business Insurance Renewals
Keeping Small Business Insurance Policies Updated Makes Renewals Fast and Accurate
If your business is like most, it changes periodically to meet customer needs and respond to new market conditions. Some of those changes – particularly if they include growth in size or revenue – may affect the type and amount of small business insurance you need to have.
How do you know if a change is significant enough to warrant a review or comparison of your small business liability insurance?
If the change includes a physical relocation or addition to your business, you'll definitely need to contact your insurance agent to get a new and revised small business insurance quote. Whether your small business insurance policy is in the form of a general liability and property package policy, or you carry separate property insurance and commercial general liability (CGL) policies, the small business liability insurance rates you pay for this coverage depend on the dollar value of business contents requiring coverage, the building construction type, and the number of square feet you occupy.
Updating information about your physical location is important for several reasons, and can affect your small business insurance quote significantly.
First, if your new location carries greater liabilities – for example, you have twice the manufacturing space, and therefore, double the risk of related perils – you want to make sure your business is protected against those liabilities through your small business liability insurance.
Also, if your new space has better, more modern safety systems, you might actually be able to reduce your small business insurance quote with added credits. And finally, if you get in the habit of updating your commercial policies for insurance for small business as warranted, you'll find the renewal process for small business insurance will be easier, faster and more accurate.