10 Things To Prepare For Your Business Insurance Renewal

​Your company has evolved during the past year, and so should your insurance. Schedule an annual check with your agent to ensure you have complete commercial insurance coverage. You should work together to complete the insurance renewal process, ensuring that you and your employees are properly protected.

Ask yourself the following questions to properly prepare for your business insurance renewal:

1. Is Your Company Moving To A New Location? 
   Have you switched from a home office to a commercial facility in the last year? Have you extended your business or opened new locations? Your commercial insurance premiums may be affected if you relocate.
   
   
2. Is There A New Member Of The Staff? 
   ​If the number of employees or the number of hours they work each week has changed in the last year, your workers' compensation coverage may need to be updated.
   
   
3. Have You Bought Any New Tools? 
   The cost of your commercial insurance is determined by several factors, including the type and quantity of equipment you own. 
   
   
4. Have You Invested In A New Vehicle? 
   Your commercial auto insurance may be affected by how you use your vehicles and how frequently you travel. You may have new insurance needs if you've purchased or sold a company vehicle.
   
   
5. Does Your Policy Include "Cyber Liability"? 
   Data protection coverage addressing third-party liability is important because of the type, amount, and privacy requirements of financial and other private records. 
   
   
6. Is Life Insurance Something You Have? 
   Although life insurance is commonly considered a personal policy, it has several advantages for company owners. The apparent benefit is that it replaces your family's income. 
   
   
7. What Are The Possibilities Of Electronic Business Disruption?
   If your company relies on electronic transactions for revenue, your policy should specifically address the business costs of data loss and electronic capability loss.
   
   
8. What Are The General Coverage Exclusions?
   Excluded items listed there may surprise you. Therefore, knowing the general coverage exclusions in your policy is important and will save you trouble in the future. 
   
   
9. What Are The Company's Responsibilities?
   Is the current policy sufficient to meet the coverage limits stipulated in the lease agreement? This will help ensure the roles of the company in the leased property. 
   
   
10. Have Your Business Practices Changed Significantly?
    When main insurance is exhausted, excess/umbrella insurance gives additional limits. Umbrella plans may give additional coverage that main insurance does not cover.

Conclusion
Business is continuously evolving, and for your company to succeed, you must adapt to those changes. Examining what has changed will assist your company in preparing for the unknown. In fact, being prepared is one of the most important success factors.

At Best Insurance Group, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (970) 674-5000 or Click Here to request a free quote. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!