Most business owners already know and understand that having commercial insurance is important. If you’ve been in business awhile, it might be time to take a look at your coverage just to ensure your plan is still meeting your needs. Our Rate Genius Insurance Team has put together this list of things you need to know about how often to review your commercial insurance policy.
There’s No Specific Requirement in the United States on Timeframe
First of all, there’s no specific requirement as to how often you need to discuss your commercial policy with your agent. However, certain industries do require companies to carry a minimum amount of liability insurance, making it important to double check to see if you are meeting these standards periodically.
A Policy Review is More Important Than You Might Think
While some might feel that a policy review isn’t important, the truth is that it is necessary for any thriving, growing business. By making sure your insurance coverage meets the size and stature of your company, you can rest assured that you are prepared for whatever situations come up in the future.
The Verdict? Usually, Two Years Depending on Growth
Our final verdict on when you should work with your agent to review your commercial insurance policy is about every one to two years. If not much has changed in your industry or the size of your company, you will probably be just fine with the latter. If you’ve hired employees or added a new fleet of vehicles or something similar, you will want to schedule a review at renewal or even sooner.
Are you ready to review your commercial insurance policy? Rate Genius Insurance serves businesses throughout the United States with coverage to meet their needs. Contact us today for details.