Factors to consider to renew business insurance
Three factors to consider when renewing business insurance. Every entrepreneur knows that in order to run a business, they must have commercial insurance that protects their investment from possible demands and daily risks, such as accidents, fires, theft, or interruptions of the activity for other reasons. These commercial insurances are generally offered in the form of packages, known as BOP or Business Owner Policy.
Like any contract, BOPs have a specific term and generally must be renewed every year. When this happens, you should consider the following three factors:
If you have developed your business and offer new services or products, these may mean new responsibilities for you as an entrepreneur. Therefore, you should contact your insurance agent to update the coverage that your company has had up to now.
All business development is usually associated with the acquisition of more machinery, equipment, or premises. These new assets are not protected by your old coverage, so they must be included.
Don’t overlook updating insurance on the vehicles you use to run your business.
The same if you have increased your workforce. New hires should be protected by the company’s workers’ compensation coverage, and remember that this is not usually included in the BOP. Three factors to consider when renewing business insurance.
When it comes to renewing your business, call Univista Insurance and the commercial insurance specialists will put together the insurance package that best suits your new business needs.