10 Reasons to Review and Compare Insurance for a Business Policy

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Review Your Business Insurance Policy Needs and Compare Insurance Quotes

compare insuranceAs a business owner, you’ve dedicated your time, money and energy to making your business what it is. To continue running a successful business, you’ll want to make sure you have the right seguro de negocio. Whether you’re getting coverage for the first time or exploring other options for insurers, it’s helpful to compare insurance quotes. This gives you a chance to get the policy with the right coverages at a price that fits your business’ budget.
We’re here to make your decision-making process easier. To help you compare insurance quotes, start by reviewing your business’ unique needs. After you know what business insurance coverages you should have, then you can get different quotes and compare them to find the best policy for your business.
Read our 10 reasons to review your business insurance policy needs.

1. Business Conditions Change

Businesses evolve. Markets change and customer preferences take new turns. These changes can create new situations that aren’t covered under your current insurance policy. So, you’ll want to make sure your business stays up to date with its coverage by reviewing your policies and comparing insurance carriers to ensure you’re getting the best coverage.
It’s important to understand whether your business insurance is a claims-made or occurrence policy and what tail coverage may be available when making changes.

2. You Need Workers’ Compensation Insurance Coverage

Making sure your employees have correct insurance coverage is an important part of running your business. For example, you need to make sure they have coverage with your workers’ compensation insurance policy. You may want to compare business insurance carriers to make sure your employees get the right coverage if they suffer a work-related injury or illness.

3. You’re Offering New Products or Services

Understanding when to get business insurance or when to make changes to your existing policy is essential. Your business may offer new products or services to customers, which can expose you to new risks. If you’ve broadened your product offerings, it’s a good time to see if you need more liability coverage, such as professional liability insurance. This insurance helps cover mistakes or negligence claims made against you or your business for the professional services provided.
It’s also a good idea to review your general liability insurance coverage to make sure you have enough protection for any new services. For example, if your repair shop started offering at-home appointments, it can increase the risk of your customer getting hurt or their property getting damaged.

4. You Have Gaps in Your Business Insurance Coverage

When business conditions change, gaps are often created in your coverage needs. These gaps can cause you to overpay for your business insurance. That’s why it’s important to review your insurance policies on a yearly basis. If you know what your coverage gaps are, you can compare insurance coverages and rates to make sure you’re not overpaying.

5. You’re Renting a New Workspace

Any time your business moves to a new location, you’ll want to review your business insurance policy needs. Depending on your lease, you may have specific items to cover, such as air-conditioning. Your lease may also be dependent on you carrying liability insurance so your landlord isn’t liable for your mistakes. If you know what coverages you need to rent your workspace, you can compare insurance policies to try to get the rate and coverage that addresses your business’ needs.

6. You Started Using Subcontractors

If you started hiring subcontractors, you may want to look at your legal liabilities. You may need to expand your insurance plan to cover these risks.
Let’s say you hire a subcontractor to help you finish some accounting projects with your clients. You may want to take a look at your professional liability insurance policy to make sure you have enough coverage. It doesn’t matter if it’s your employee or subcontractor making a mistake. Your client can sue your business if they suffer a financial loss because of your business’ mistake.

7. Catch Mistakes in Your Business Insurance

Insurance policy mistakes aren’t only costly, they can also harm small businesses like yours. That’s why it’s important to find mistakes in your business insurance as soon as possible.
Review your business insurance policy to make sure it covers your business and any other relevant parties. For example, you believe your workers’ comp insurance covers your part-time employees, but when one of them gets hurt on the job, they don’t receive benefits. This can be costly for your business because you may have to pay for their treatment costs out of pocket. You’re also vulnerable to getting sued by your part-time employee.
Don’t forget to take a look at your coverage limits. If your business expanded or grew in the last year, your business insurance coverage limits may be too low. This could mean your business would have to pay the difference of claims that exceed your policy limits.

8. You Have Made Building Improvements

Renovating your business is an exciting time. Be aware that any extensions or improvements made to your business likely increases the overall cost of the building. After each building improvement, you may want to review your business insurance policy needs to make sure you have adequate coverage.

9. You Have Increased Stock

Your insurance coverage should extend beyond your physical assets. Each time you renew your insurance policy, it’s important to consider stock fluctuations. This is because the precise stock you have at renewal time may not accurately represent inventory you have throughout the year.

10. It Is the Beginning of the Year

The beginning of the calendar year or fiscal year is the best time to review and renew your business insurance policy. During this time, you can compare insurance coverages and identify business insurance trends to make any changes needed to improve your business’ protection. You can also compare quotes to try to get the best rate for your business.

How to Compare Business Insurance Quotes to Find New Coverage

As a business owner, saving money is not only important, it can also help your company expand in the future. After reviewing your insurance policies, you can compare business insurance quotes to help identify business insurance trends and changes that can help you find the right policy for your company.
Compare rates, reviews and experience from your provider to other companies and make changes where it makes sense to do so. You can also consider bundling your insurance policies. For example, a Póliza para propietarios de empresas (BOP) combines commercial property insurance, business liability insurance and business income insurance into a single policy.
Take the time to see what each insurance company can offer your business. You may not want to always go for the lowest quote either, because you may find it doesn’t offer enough protection for your business.

Obtenga una cotización de seguro para negocios

compare business insuranceIt’s essential to work with an insurer that you can rely on. At The Hartford, we have over 200 years of experience and are proud to have protected over 1 million small business owners. Whether you need to change your coverage or are looking for help filing a claim, we’ve got your back.
Obtenga una business insurance quote today and learn how we can help protect you and your growing business.
Última actualización: 13 de julio de 2022
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