When should you review and update your commercial coverage?
As a business owner, you know how important it is to secure the right commercial insurance in Lubbock, Texas. However, business insurance isn’t something that you can secure and then forget about. Your various commercial policies need to be reviewed and updated on a regular basis. If your business experiences these changes, then it’s time to conduct an insurance review.
- Changes in Your Staff
If you hire or fire an employee, then you need to update your workers compensation insurance immediately. Updating this coverage will ensure that your staff is fully protected in the event of a workplace injury or illness. Additionally, taking this step will also ensure that you are not punished for failing to carry the legally required amount of workers comp coverage.
- Change in Location
If your business is moving, then you have a lot to keep track of. One of the things that you must take care of is updating your insurance policies to reflect your business’s new location. Depending on the new location, your insurer may recommend increasing your coverage.
- Changes in Equipment
If your business upgrades its equipment, then you may need to update your commercial property and equipment breakdown policies to ensure that you have enough coverage to address the equipment’s increased value.
- Change in Product or Service Offerings
If you add new items to your inventory or if you launch a new service, then you may be opening your business up to new sources of risk. To ensure that you are not leaving yourself exposed, you should review your policies and update them to ensure you have coverage for these new risks.
If your business undergoes these changes, then it’s time to review and update your insurance. Do you need help securing or managing your commercial insurance in Lubbock, Texas? If so, then contact the experts at Promised Land Insurance Group. We are ready to assist you with all your business insurance needs today.