Commercial insurance protects businesses from unforeseeable circumstances with coverage options potentially including general liability, property, crime, auto insurance, and more. Often times you’ll let your insurance auto-renew without a second thought–business insurance being one of them. However, circumstances can change on a monthly basis, so before renewing, consider the following questions to ensure your provider continues to be well-suited for your insurance needs.

Questions to Consider When Renewing Commercial Insurance 

1. Am I Satisfied With My Insurance Company’s Customer Service?

If you’ve had business insurance for a while, you’ve probably interacted with their customer service agents. Think back on any times you’ve filed a claim: were you satisfied with your interactions with the customer service representative? Was your claim handled efficiently and respectfully? If you recall delayed processing times or unhelpful representatives, it might be time to look for a new provider.

If you’ve never filed a claim before, it’s worth researching other people’s experiences. Depending on what you find, you can decide whether or not to find a new provider.

2. Have My Business’ Products or Service Offerings Changed?

Since you first got acquired business insurance, your business has likely adapted to ensure customer satisfaction and financial security. Chances are your insurance hasn’t adapted with you. Before renewing your policy, you’ll want to make some updates.

For example, if you or your employees use vehicles for business purposes, you’ll want to make sure you add commercial auto insurance to your plan. Additionally, if you’ve upgraded sales products, reevaluate your product liability coverage to make sure you’re still appropriately covered. 

3. Has My Workforce Changed?

As employees enter or exit your company, you’ll need to update your worker’s compensation insurance; this covers your employees’ medical care and other benefits. Although rules vary by state, most require business owners to provide coverage for every employee.

Make sure your coverage has been updated to cover all current staff members. Otherwise, you might end up covering employees who no longer work for you or unintentionally breaking the law by not offering appropriate coverage.

4. Is It Possible to Lower My Insurance Rate?

If your insurance rate has become a burden, ask your provider about discounts before proceeding to renewal. For example, if commercial auto insurance is part of your policy, you might qualify for discounts with a clean driving record and good credit score. 

Another way to lower your insurance rate is by raising your deductible (the amount paid out-of-pocket before coverage kicks in). As a result, your insurance premium will drop. But, make sure the deductible is within your budget to avoid a tight spot down the line.

Find quality business insurance with Wilmoth Insurance Agency Inc. in Cookeville, TN. For over 8 decades, they’ve partnered with only top-rated insurance companies to find you the best policies available. Their attentive team will listen to all your needs as well as assess your potential risks to help you choose a policy that’ll keep you secure now and into the future. Their coverage options include auto, renters, homeowners, and business insurance. For cost-effective coverage that reflects your needs, call (931) 526-6181. Learn more about policy options online.