Here are some guidelines to consider when it is time to renew your insurance policies:
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Ask your insurance agent about insurance markets and how they affect your premiums and coverage. It is a good idea to obtain quotes from at least three different carriers to compare.
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Ask if any periodic changes in staffing and inventory could result in lower premiums. Some policies may be written to take into account seasonal fluctuations of staffing and inventory.
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Look for a policy that includes "cyber liability" for data protection.
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Consider the risk you may have for electronic business interruption.
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Evaluate your responsibility to insure leased property.
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Have you remodeled or added significant equipment recently? Be sure that your coverage is updated for replacement value.
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Review the general coverage exclusions in your policy, including coverage for vacated buildings.
Taking time to assess your insurance coverage will assure that your policies are aligned with the needs of your business. If you have any questions concerning the renewal of your small business insurance policies call us today. We are more than happy to help. 616-784-4445.
