Like many things in life, your commercial insurance isn’t something you buy and forget. West Texas Insurance Agency of Amarillo, TX, recommends reviewing your business insurance at least every year. This way, you will be paying for the right amount of premiums, and you will make the claim process smooth.
But there are the things that shouldn’t wait for a year to lapse so that you update your insurance policy. If the below happens, talk to your insurance agent ASAP.
Downsizing or expanding your business
Are you moving to a smaller office? Or perhaps you are adding the number of stores? Either way, you need to inform your commercial insurance agent. Changes in your business size affect your insurance premium, and it’s essential to inform your insurer to make the necessary adjustments.
Change of location
Moving your business to a new state? Inform your insurer to ensure they have a presence in your new location. Plus, a new location comes with a new set of risks that must be factored in your policy.
Changes in workforce
If you have invested in worker’s comp insurance, you need to update your insurer whenever there are additions or reductions in your workforce.
Purchases or disposal of equipment
It’s normal for a business to purchase new equipment. It’s equally standard for a business to get rid of old equipment, perhaps to invest in equipment with better technology. Whatever the reason, you need to inform your insurance agent to ensure that the assets covered are the ones you own.
Conversion of personal vehicle to business car
If you want to use your vehicle to run commercial errands, you need to upgrade from personal auto insurance to commercial auto insurance.
Buy commercial insurance today!
Do you need more information on commercial insurance? Ready to buy commercial insurance for your Amarillo, TX business? Please consider West Texas Insurance Agency for all your business insurance solutions.