You've put a lot of time, energy, and money into your business, so you must protect it from the unexpected. Having the right amount of commercial coverage is crucial, though there are a lot of factors that go into this. If you’ve experienced any of the following, remember to update your business insurance this year.

When Should You Amend Your Business Insurance?

1. Expiring Policy

Before your current policy expires, get information about fees and changes for the coming year. Sift through it with your insurance agent to make sure it's up-to-date. Also, ensure there are no easily made mistakes, such as being charged for the entire building and not just the square footage of space you're renting. Finally, inform your insurance agent of any recent business changes or planned changes, as they may offer coverage options you haven't yet considered.

2. Changing Revenue

General liability insurance rates can be affected by reported revenue and assets. These are audited annually for accuracy, so be sure to keep the revenue estimate on your policy up-to-date. Not insuring new assets places your business at risk for more significant losses should you experience an emergency. Many insurers also look negatively upon inaccurately reported revenue streams, which could affect you when you're renewing or buying future policies.

3. Relocating

This is one of the most common reasons for updating business insurance coverage, as the physical location and office square footage often directly impact premiums. Rates may also be affected by your new location's crime statistics, safety features, building history, previous damage, and other factors.

4. Altering Operations

The more products and services offered by your business, the more increased hazards you have in the eyes of your insurer. Go over your current and planned operations with your insurance agent to make sure your existing policies cover all of your ventures. Failing to do so could tarnish established trust with your agency, resulting in increased rates, compromised insurance quotes, or even canceled policies.

5. Hosting an Event

Before hosting a public event, be sure to go over the details with your insurance agent. Keep them informed about events that'll be open to children, held off-premise, attended by more than 100 people, staffed with volunteers, or potentially dangerous. For such situations, additional coverage may be necessary. Otherwise, you risk potential liability, loss of your current policy, or being turned down by future carriers.

For over 10 years, Superior Insurance™ has helped residents and businesses in Durham and Raleigh, NC, find affordable insurance. They offer comprehensive coverage packages, so be sure to ask about their bundling options. Visit their website to learn more about their flexible policies from their dependable, friendly, and informed staff.