As a Blue Ridge, GA, business owner, you understand the importance of protecting your company with commercial insurance coverage. But just having a policy is not enough; you must periodically review your coverage and ensure that it meets your business’s ever-changing needs.
Read on for tips on when to update your commercial insurance coverage.
Changes in Business Structure
You should immediately review your commercial insurance policy if your business structure or size has changed. This is especially true if you have gone from being a sole proprietor to an LLC or corporation, as this change can affect the type and amount of coverage necessary for your business. Additionally, if you are planning on hiring employees or adding additional locations, it’s important to ensure that your policy adjusts accordingly. For questions about coverage, contact your agent at The Insurance Mart.
Changes in Technology
Technology advances quickly and can leave certain areas of your business vulnerable if they are not adequately covered by insurance. If you have added new technology, such as computer systems or software programs, consider updating your policy to include cyber liability insurance, which protects against unauthorized access, stolen data, and other related issues.
Changes in Assets
If any of the assets owned by your business have changed (e.g., new equipment or inventory), then it’s prudent to adjust the amounts listed on your policy accordingly so that these assets are adequately covered. It’s also important to remember to add any new businesses affiliated with yours under the same coverage umbrella.
Updating commercial insurance policies can seem overwhelming, but regularly will ensure that all aspects of your business are protected should disaster strike unexpectedly. If you need assistance determining when and how often to update your policy, contact The Insurance Mart today!