When Should You Review a Commercial Insurance Policy?

As a business owner in Fredericksburg, VA, who has acquired commercial insurance coverage from Pete Webb Agency, it is necessary to keep reviewing your commercial insurance policy to ensure you’re getting the most protection. Sometimes your company is growing, or it could be getting smaller, which means that the terms of your commercial insurance policy will be affected. But, when should you review your commercial insurance policy?

When Expanding or Downsizing

If your firm is expanding, you’ll obviously need to review your commercial insurance policy so that you can have a policy that is consistent with the size of your business. However, if you’re downsizing, you should call your insurance company so that you can reduce the premiums. You don’t need a high-value policy for a small business. 

After Purchasing New Equipment

If you have bought a new commercial truck, you need to review your insurance policy and call your insurance provider to inform them of the changes. Having additional equipment is defined as increased risk in your organization, which you must disclose. If you do not review your policy and inform your insurer of the changes, you might have a hard time convincing your insurer to pay for such equipment when disaster strikes. 

When Renewing the Policy

At the beginning of every year or coverage period, you don’t have to send a cheque to your insurance company blindly. You need to review your business thoroughly while at the same time contacting your commercial insurance company to ascertain whether there are any changes in the policy. This will keep you updated about possible changes to the policy, which will help you get maximum protection.

Pete Webb Agency is a responsible commercial insurance company that is helping business owners in Fredericksburg, VA. If you are looking for a commercial insurance policy, contact us today for professional advice and commercial coverage.