Your commercial insurance needs to reflect all that’s new with your business.
Is your business the same today as it was when you first started out? Chances are it isn’t, not by a long shot. Small business owners are notorious for being agile and quick to embrace changes that are necessary to succeed, which is why it’s essential to make sure your business insurance is keeping pace with your company’s activities. If it’s not and your coverage doesn’t reflect how your business is growing, there’s a good chance you’re leaving yourself and your company exposed.
But when exactly should you be taking a critical eye to your coverage? That’s where we here at InsuranceHotline.com hope to help because while we’re confident we’ll help you find the best commercial insurance rates, we want you to be confident that your coverage mirrors your business’s needs.
15 times when your commercial insurance policy should be revisited
Changes in your business are to be expected and the following are all times when those changes should lead to a chat with your business insurance provider:
- There’s a material change in your company’s revenue
- The company moves to a new location
- You expand into additional locations
- The company’s workspace, shop, store or office is renovated
- You take your business online
- You invest in new security measures, whether it’s for cyber or workplace safety
- You increase your workforce
- You have employees who do not reside in Canada
- New, upgraded or additional equipment is purchased
- You want to buy a vehicle for business use (or add to your fleet)
- There’s a meaningful change in the value of the inventory or supplies you have on hand
- You enter into new agreements with vendors, clients or manufacturers
- The business attracts international opportunities
- You introduce new products or services, or you expand into new markets or industries
- The business’s ownership structure changes
As a small business owner, you’ve got a lot on the go and when your company moves forward, your commercial insurance needs to move forward with you. Make sure you keep your insurance provider in the loop, when exciting days at the office happen.
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