The New Year is a time when we come up with resolutions we hope to stick to and promise ourselves to make changes, but it’s also an excellent time to review your insurance policy. There are several things you may need to consider with the New Year because changes within your business can affect your policy. For instance, has your business grown? We’re going to review the reasons why it’s important to review your policy during this time of year.
A lot can happen in a year and we hope that your business has been evolving and growing, but this means you’ll need to review your policy to ensure your coverage still meets your business’s needs. First, ask yourself these questions:
- Have you moved your business’s location?
- Have you purchased any new equipment or vehicles?
- Have you hired new employees?
- Has your business lost or gained revenue this year?
- Have you started using subcontractors within your business?
If you answered yes to any of these questions, then it’s a clear indication that you must review your policy. Moving your business to a different location may require you to get additional insurance because your new office location may have certain aspects that weren’t covered in your previous policy. You have to take a look at it in order to be certain!
New equipment means more money spent. You’ll want to update your policy to reflect the changes and see what costs will be covered within the policy. You don’t want to lose money for not reviewing your policy and just dismiss the additional costs. These costs easily add up and can burden your business’s finances.
Hiring new employees calls for a policy update as well regarding Workers Compensation. You may also want to consider adding a Management Liability policy to protect your business from any claims made against you. We imagine you want to have great success in your business, but this is paired with making sure you purchase enough coverage. You don’t want to be underinsured to cut costs – you’ll save money now, but you’ll pay for it later.
Losing or gaining a significant amount of revenue entails a possible change in your insurance premium. If your current policy does not cover you for loss of profits, then you may want to consider this when making changes for an additional layer of security. It’s important to discuss your options with an expert to determine what the best course of action is.
It’s crucial to understand your liabilities for subcontractors because they’re still a part of your team. Their safety is just as important as your other employees’ and any accidents or injuries can welcome high costs. You can also put a policy in place that states subcontractors must have their own insurance when they are responsible for injuries or damages. You want to create a safe work environment, but also be protected when accidents arise.
It’s important to review your policy for the New Year to ensure you’ll be covered; it could also save you money. It gives you the opportunity to confirm you’re not overpaying and discover if lower rates are available. It also gives you the chance to check for accuracy and verify that all the details are correct. Contact Coast General today if you have any questions about reviewing your policy or want to discuss your options. Our skilled and professional team is ready to help you and eager to lend a hand.