Inflation indicates that you must update your policy
Inflation indicates that you must update your policy. The current inflation affects business in real life. Above all, those are related to the repair and sale of vehicles. The price of new and used cars, the price of real estate, and the different products indicate to garage owners that they should review their insurance policies to avoid leaving their business unprotected.
Typically, owners renew policies, year after year, without reviewing their coverage. But in a scenario like the current one, it is possible that a workshop owner is paying for a policy, whose utility at the time of a claim is insufficient. So, rather than investing in insurance, he is throwing money away.
You may be wondering, what should I do to avoid being unprotected? The answer is very simple: upgrade.
When renewing your business insurance, review the terms and conditions of your coverage. Please read any exclusions carefully, and assess whether your policy limits are sufficient.
Speaking more clearly, you should check if the replacement value that appears in your policy is enough to acquire, in the current conditions, the tools and equipment covered. Otherwise, I insist, you are throwing money away. That is, when you need insurance protection, the money you get from your insurer will not be enough to replace the loss.
If you have questions about upgrading your coverage, talk to a contractor or your tool supplier. They will explain how much it costs to replace the equipment you work with or the value of rebuilding your shop in the event of a fire.
On the other hand, the specialists at Univista Insurance will gladly prepare the most efficient commercial insurance package with you to protect your pocket and your business. Inflation indicates that you must update your policy.
Remember that the key to commercial insurance is replacement value, anything else is a waste of money.