Business owners tend to not look twice at their insurance policy and that’s fine. However, when you experience big changes in your business, it’s important to look it over to be sure that you are getting the proper coverage for your business and assets. We recommend that you review your policy once a year because well, a lot can happen in one year. You want to be sure that you are prepared for what is to come and what the future potentially holds for your business. At Hood Insurance Agency, an insurance agency in Lynnwood, Washington, we work with our clients to provide the best coverage for their personal or business needs. Here are a couple reasons why you should review your business insurance policy annually.
Significant growth or shrink
Did you have a massive growth spurt in your business? Maybe the opposite occurred and you had a drop in revenue? These are important things to consider when reviewing your insurance policy. Major fluctuations in revenue can impact your coverage and would need to be adjusted to fit your business needs. Doing so will ensure that you get proper coverage for your business and ensure that you aren’t overpaying or underpaying for any unnecessary premiums.
Changes to products/services and location
It’s important to contact your insurance agent and review your policy if you decide to introduce new products or services. This also applies to any changes to your business location or if you decide to expand elsewhere. Changes like this come with big potential risks and require proper planning and will definitely require further review into your insurance policy. This especially applies to territorial expansion, which can impact your insurance premiums.
New Equipment and business upgrades
Adding new equipment and upgrades to your business can be an exciting thing to have. Rather it’s a super-high tech piece of equipment or you decided to give the office a makeover, bringing the new to your business is always a great thing to have. Of course, new toys mean that you’re gonna have to spend money on them. Some might cost more than others, so it’s good to check if you can cover for it. Also, If your business has any vehicles, we ask that you disclose their use for business activities and to make sure they are covered by a commercial auto insurance policy.
New Contracts
A new contract can bring in new assets that can bring potential profit for a period of time. It can also bring in new risks that could interfere with your insurance premium and affect your coverage. Some contracts might require you to have certain insurance coverage to ensure protection on both ends. Look over your contracts with your agent to see if your premium is on par with the contract requirements.
Change in structure or operation
Making changes to how your business operates can have a massive impact on your insurance policy. If you intend to make adjustments to how your business functions or change the overall process of how your business operates, we highly recommend discussing it with your agent to discuss how to adapt your policies to these changes.
Potential saving opportunities
Business insurance can be expensive. You want to get the best deal possible while getting the best coverage for your business. Well lucky for you, business owners are able to save money on their insurance premiums. Reviewing your business policy could open potential opportunities to lower your insurance premium.
Ready to review your business insurance policy?
At Hood Insurance Agency, we help our clients protect their homes, businesses, and budgets. We are a dedicated team of professionals who work with you not only to create the right policies for you, but also to help with issues down the line. Billing problem? Call the team, explain the issue and go back to your life. We’ll give you a call when it’s resolved and stay in touch until it is.
Wondering if it’s worth filing a claim over something? Call the team and we’ll help you walk through the pros and cons. Problems with a claim? Call the team and we’ll go to bat for you, working with the adjuster, escalating as necessary and handling all the back and forth until the problem is resolved, leaving you to live your life while we do the work.
Call us today at 425-689-5855 to schedule an appointment or you can email us at team@insurancelynnwood.com