5 Reasons You Should Update Your Commercial Insurance

If you are a business owner, you already know the importance of having commercial insurance as your safety net. It protects you from losses in case of an unthinkable event. Regardless of the industry, you are trading in, business insurance is a must-have investment. 

But if you have commercial insurance in place, it’s your responsibility to review the policies regularly to make sure you are well covered. With time, business structures change and require additional coverage to make the policy-relevant. That said, there are several reasons why you should upgrade or review your commercial insurance. At Hyman Brown Insurance Agency Inc, we have prepared some of those instances. Read on for insights.

If you change your operating office

When you move to a new office space or location, update your insurer. Otherwise, you risk not protecting your new building and your equipment.

If you change your employees

Workers’ compensation coverage is calculated per head. If you hire more or downsize, you need to update your insurance to have the right coverage.

If you expand your portfolio

The importance of insuring products comes without saying. Any defect in your product could attract expensive lawsuits. To that end, if your business introduces a new product, it should be included in the insurance policy.

If you change the nature of your business

We understand the times we live in, uncertain economic times that may require one to change the business to adapt to the changing markets. That said, if you change the nature of your business, make sure to update your business to reflect your new business. 

If you adjust your company’s vehicle fleet

Business vehicles should be properly insured in case of an accident when on a business errand. If you expand your fleet, make sure you inform your insurer to stay adequately protected.

Commercial insurance in Commerce, GA

There are limitless reasons why you should update your commercial insurance. Remember your insurer relies on you to update any changes to avoid your policy being rendered inadequate or void at the time of claim. For your commercial insurance policy, contact us at Hyman Brown Insurance Agency Inc for an affordable quote.