Firearms Insurance Agent Blog

Questions to Ask When Renewing Your Business Insurance

Business insurance should evolve to meet your needs. That’s what makes the business insurance renewal period such a great opportunity to reassess your insurance needs. So, when it’s time to renew your business insurance, ask yourself the following questions:

Have you moved?

Did your business move to a new space, town, or even state? Then your needs may also have changed. For instance, if your new location is smaller then your insurance rates may go down. Additionally, safety features such as alarm systems, sprinklers, and even the general safety of the neighborhood can also impact how much you pay for your insurance.

How many workers do you have?

Chances are that you have some new member on your team. But has the total number of employees changed at all since you last signed your policy? Whether you gain or lose employees, you’ll need to adjust your workers’ compensation insurance policy to reflect these changes. Your renewal period can be a good opportunity to determine if your current policy covers the number of workers you employ.

Do you have new goods or services?

If you started selling new goods or services this past year, then your liability insurance will need to be adjusted. If you are providing new services you should reexamine your professional liability insurance; if you’re providing new products, then you should reexamine your product liability insurance.

Do you have new business equipment?

Your business insurance rates depend on many factors. One that we previously mentioned is your location, but another is the type of equipment you have at your facility. If you’ve purchased new equipment for your business, then you’ll need to update your policy to ensure it is properly covered.

At Firearms Insurance Agent, we can help you find the best business insurance for your needs. Contact us today to learn more.