It’s important to review your commercial insurance coverage at least once a year and there are also some scenarios when it’s necessary to review coverage more frequently. The agents at Town & Country Insurance in Buford, GA suggest that this is the best way to understand the terms of your policy and update them when needed.
It’s also important to review your policy after a loss. Many businesses find out they were not covered for something after a tragic event took place. Also, anytime your business goes through massive changes, it’s important to review coverage.
Besides once a year, it is recommended that you review coverage when these instances occur:
- When revenue changes
- Property changes and when new property is acquired
- Added employees
- Changes to products
- Company vehicles are added
Liability coverage will need to be adjusted as your businesses begin to have a higher revenue stream. The size of your company will determine if you need to update workers comp insurance as well. It’s important to know the difference in numbers of employees so when your Georgia company surpasses the limit of employees, you can update your insurance to follow suit. If you do add company vehicles, the need for insurance will be based on who is driving and what the vehicle is used for.
If you are selling your product to customers, your product liability insurance will need to be updated any time there are significant changes to your products.
It’s important to review coverage for a number of reasons. You may be overpaying for coverage you aren’t using or you might discover that you are underinsured. While reviewing your coverage, you may find mistakes with the policy. Not only can mistakes cost you more money, but they also could become a major issue if you are trying to use coverage that you thought you had. Once you review coverage, you may also be able to get a different rate that is better than before.
To review your commercial insurance coverage, contact Town & Country Insurance, serving Buford, GA. Our agents can answer your commercial insurance questions.