Your business world constantly changes and while it may mean growth for you, it is vital that you keep up with the business changes in order to stay current on the types and amount of coverage you need to adequately protect your small business. Do you know if it is time for a commercial insurance renewal review? If you are not sure, it may be time to contact your N.C. independent insurance agent to find out if any of your business changes require changes in your commercial insurance coverage.
Changes in Your Business May Mean Changes in Your Commercial Coverage
Prior to your insurance renewal (usually 2-3 months), you need to compose a list of things that may need to be addressed with your N.C. independent insurance agent. Some of the items include, but not limited to:
- Changes in your fleet vehicles– This may include a list of additional vehicles purchased or sold and a list of any new drivers or drivers no longer working with your company. Also, take note of any vehicles that are over 10 years old. You may consider dropping comprehensive/collision coverage on those vehicles.
- Improvements to your building– Keep notations of any changes you have made to your building such as new heating/air conditioning, roof, or sprinkler system. These improvements may mean you are eligible for a credit on your insurance.
- Changes in personal property- Take inventory of any purchased/additional personal property you have acquired.
- Deviations to nature of your business- Note any changes in the business operation (even the name of your business) or any areas of business that have been removed. You may be paying for coverage you no longer need.
- Valuation of your building– For insurance purposes, you need to make sure your building is insured to value.
- Changes in sales or payroll– An increase or decrease in sales and payroll need to be noted and may impact the amount of needed coverage for Workers Compensation or General Liability insurance.
Being Prepared Means Being Protected
Being a small business owner, you have to keep up with a lot of things. Your business may be your biggest investment so the protection it deserves MUST stay on the top of your list. That’s where your independent insurance agent plays such a huge role in the success of your small business. We are here for you to answer any and all of your questions on your renewal process and whether you have the right type of commercial coverage for your N.C. small business. We can help you with all of your North Carolina business insurance needs TODAY.