When you should review and update your commercial coverage.
The world of business is constantly evolving, and your small business is no different. However, making changes to your business can open you up to risk. This is why it’s important to review and update your insurance to ensure that your policies are offering the right coverage to meet your needs. If you make these changes to your business, then it’s time to review your commercial policies.
- New 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 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.
- Changes in Revenue
If your business’s revenue is increasing, then this is great news for your company. However, you need to remember to report this shift to your insurer. The more money that your business makes, the more assets that you need to protect, and this means that it’s time to increase the coverage limits on your insurance policies.
If your business experiences these changes, then it’s time to review and update your commercial coverage. Do you have questions about securing or managing your business insurance? If so, then contact the team at Patterson & Associates in Richardson, Texas. Our experts are ready to assist you with all your coverage needs today.