When Should I Update My Commercial Insurance Policy?

Running a business can take much of your time, and matters like insurance may fall by the wayside. With your to-do list filled to the brim, updating your commercial insurance policy may easily be put on the back banner. At West Texas Insurance Agency of Amarillo, TX, we advise business owners to update their policies yearly. This ensures you pay the right amount of premiums and that your current insurance needs are taken care of.

However, sometimes you don’t have to wait for a year to lapse to update your policy. Talk to your business insurance agent when the below occurs:

• Changes in the workforce: When you increase or decrease the number of your employees, inform your insurer. The workforce size is a significant factor when computing your worker’s comp insurance, so ensure your policy is adjusted when hiring or firing employees.
• Changes in your assets: Have you disposed of your old computers or machinery due to technology changes? Have you added new equipment to support your new line of business? Either way, you should update your business insurance policy to reflect the assets in your possession.
• New business line: If you have introduced new products or services, you are exposed to new risks. To protect your business, ensure the changes are reflected in your policy.
• Increased business revenue: When your income grows, your business has more to lose when faced with liability claims. It also means you stand to lose more when your business is disrupted. Talk to your insurer to provide coverage matching your current revenue.

Would you like to upgrade your commercial insurance in Amarillo, TX? Please talk to West Texas Insurance Agency today. Our skilled agents will help you protect your business.