Only up-to-date business insurance is effective
Only up-to-date business insurance is effective. Businesses are dynamic, go through different stages in their development, increase turnover, grow the workforce, manufacture new products, or incorporate new facilities and equipment.
For this reason, it is essential to adjust the commercial insurance coverages, because the conditions under which they were signed may have changed substantially and these documents are wet paper.
For example, if the number of employees working for the company increases, the employer must ensure that workers’ compensation insurance is sufficient to cover all personnel.
The same happens if a small business, which started without vehicles, has incorporated one or two vans to perform certain tasks. They must have commercial vehicle insurance. Because if you suffer an accident, the private policy will not cover you.
The same is recommended if the company incorporates new plants, substantially increases its inventory, or acquires expensive equipment. These should be reflected in the insurance inventory so that in case of breakage, theft, or fire they are protected by the insurance.
If the company stopped making a certain product and dispensed with inventory, facilities, equipment, and workers, that change in its insurance would save it some money.
In summary: try to ensure that your policy reflects the real state of your company at all times. Also, master all the points and exclusions contemplated in the contract to act accordingly and avoid future unpleasant surprises. Only up-to-date business insurance is effective.
But if you have questions about how to keep your policy current or are looking for cheap insurance, call Univista Insurance and you will get what you need.