As a business owner, you know that having the right insurance coverage is essential. But did you know that it’s also important to review your policy regularly? Ellis Insurance Agency in San Antonio, TX helps you understand why.
The Importance of Reviewing Your Commercial Insurance Policy Regularly
1. Your Business Is Constantly Evolving, So Should Your Coverage
It’s important to review your commercial insurance policy regularly to make sure it still meets your needs. Your business is constantly evolving, and your coverage should evolve with it. As your business grows, you may need more coverage or different types of coverage. For example, if you add a new product or service, you may need to add product liability insurance. Or, if you hire new employees, you may need to add workers’ compensation insurance.
2. Reviewing Your Policy Helps You Understand What’s Covered – and What Isn’t
It’s easy to forget what’s included in your commercial insurance policy. A regular review will help you understand exactly what’s covered – and what isn’t. This can be especially important if you’ve had a claim denied because your policy didn’t cover it. If you don’t understand why a review can help you make changes to your coverage so that it doesn’t happen again.
3. You May Save Money by Reviewing Your Policy
As your business grows, you may be eligible for discounts on your commercial insurance. For example, you may qualify for a loyalty discount if you’ve been in business for a few years without any claims. Or, if you’ve added safety features to your workplace, you may qualify for a safe workplace discount. A review of your policy can help you take advantage of these discounts and save money on your coverage.
4. Reviewing Your Policy Gives You a Chance to Ask Questions
When you review your commercial insurance policy, it’s a good opportunity to ask questions about your coverage. If you don’t understand something in your policy, this is the time to ask. Your insurance agent can help you understand your coverage and ensure you have the right amount of protection for your business.
As you have seen, there are many good reasons to review your commercial insurance policy regularly. Ellis Insurance Agency in San Antonio, TX can help you understand your policy and ensure you have the right coverage for your business. Give us a call today to get started.