THURSDAY, FEBRUARY 23, 2017
 Your business insurance policies usually come up for renewal on an annual basis. That's an excellent time to review your policy with your agent to make sure it provides the coverage and limits you require and to ask the question "Am I covered properly?" or "Is there any other coverage I need or you'd recommend?" Think about all the things that could go wrong and ask "If this happens, am I covered?"
Some business owners simply renew their policies with little thought. This may be simple and easy in some cases. After all, you will have a new policy up and running quickly.
However, a simple renewal may not be enough. If you've experienced any changes since your last renewal, your policy may no longer offer enough coverage, and your agent may need to adjust your policy to meet the changes.
If your business has changed, look closely at your various policies and let your agent know of any changes. This is important to do so that you won't be out in the cold if you need to file a claim.
General Liability Insurance
- Review which risks your policy covers (and equally important, which it excludes). Take note of any special precautions your policy might need you to take to protect risks. Pay attention to the endorsements and read them. These can exclude coverage you might think you have.
- If you're manufacturing new products, make sure the policy covers any risks posed by the new products and provides coverage for products and completed operations.
Workers Compensation Insurance
- Make sure your policy abides by all state laws and insurance requirements.
- Check that the policy limits are adequate for the level of risks employees face.
- Adjust your workplace protections to take workplace risks into account.
- Post workplace safety information as required by law and/or the insurer.
Commercial Auto Insurance
- Add any new vehicles or any new drivers to your company's insurance policies.
- Make sure no one has made an unfounded claim against the policy. Someone might accidentally make a claim on your policy instead of another one.
- Update the policy to include any custom work or additions you've made to vehicles.
- If any employees use their vehicles for business use, ensure they have the right commercial policy.
Commercial Property Insurance
- If you've made additions or updates to your property, let your insurance company know. You may need higher policy levels to cover the new additions.
- Check your coverage to ensure that it covers all new and existing property in the business.
When you update any policy, also make sure that your own information is correct. Make adjustments to your name, address, income, or any other demographic information that the policy needs. Also, take note of any changes to payment rates or options so you never fall behind.
Southwest Commercial Insurance is here to update policies on the spot. Our team can help you ensure that your policy is always active. Call us at (512) 771-6091 for a fast, free business insurance quote.
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