An annual assessment of commercial business insurance policies in Salem OH can be time-consuming for small business owners. This makes it tempting for them to automatically renew their existing policies. However, if their business has changed over the past year, they risk being underinsured or potentially paying too much for coverage.
It’s important for commercial insurance coverage to meet a company’s changing needs. The business insurance renewal process provides the perfect chance for business owners to work with their insurance agent to decide if their current policies are still providing the required protection and determine if they might qualify for discounts.
Business owners should start preparing for the renewal process a few weeks, or even months, before the renewal deadline. This provides ample time to gather financial information that insurance carriers need to determine what, if any, adjustments need to be made to the commercial business insurance in Salem OH.
Questions To Answer Before Renewing Your Commercial Business Insurance in Salem OH
To prepare for insurance renewal, business owners should be prepared to answer the following questions.
Have you moved to a new location?
Moving from a home office to a commercial space, moving to a new location, or opening an additional office could all generate the need for changes to general liability insurance or a business owner’s policy. In some instances, insurance rates may actually decrease, especially if the new location is smaller and includes enhanced safety features.
Has your number of employees changed?
Staff changes could necessitate updates to your workers’ compensation insurance policy. Every state has different rules, but the majority of them require employers to purchase coverage as soon as the first employee is hired. And as employees join or leave the company, workers’ comp coverage levels should be adjusted. This ensures that all employees are covered and business owners aren’t paying for staff members who are no longer with the company.
Are you offering different goods or services?
Changes in product and service offerings may require modifications to professional liability insurance coverage. Businesses that update product lines should reexamine the product liability coverage in their general liability policy. The renewal period for your commercial business insurance in Salem OH is also a perfect time to confirm if you have cyber liability coverage. This can provide protection for small business owners from the financial fallout of a data breach.
Did you purchase new business equipment?
The rates for commercial business property insurance in Salem OH – which can be purchased separately or as part of a business owner’s policy – are determined by the type and amount of equipment a business owns. Significant changes to the value of the equipment could have an impact on your annual premium.
Have your business practices changed considerably?
If your business practices have changed significantly, you may need to amend certain policies, such as general liability insurance, or add new ones, such as commercial auto insurance. This will ensure the business is protected from further risks.
Did you purchase or sell commercial vehicles?
Businesses that bought or sold a business vehicle will need to modify their commercial auto insurance coverage. Businesses may also need to add hired and non-owned auto insurance if employees use personal vehicles for business purposes. A modification to the company’s travel radius could also generate an increase or decrease in required coverage.Even if your company hasn’t experienced significant changes, the annual renewal of your commercial business insurance in Salem OH is a good time for comparison shopping. Contact us today so we can discuss changes in your business and how it might affect your coverage.
Even if your company hasn’t experienced significant changes, the annual renewal of your commercial business insurance in Salem OH is a good time for comparison shopping. Contact us today so we can discuss changes in your business and how it might affect your coverage.