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Your business insurance is critical to the protection and growth of your company. Its goal is to keep you in business even when mistakes or accidents happen, taking care of some of those critical financial issues that have the potential to put you out of business.

You’d like to hope that nothing will ever happen that will require you to make use of your business insurance. In many cases, business owners choose minimal coverage for just that reason. That insurance can’t protect you, however, if you don’t have adequate coverage!

If you’re not sure whether or not your insurance is protecting you adequately without draining you dry, check out these signs you need to reevaluate your business insurance.

1. Your risks have recently changed. 

There are a number of factors that go into determining your risk. From the potential for problems to arise within your building to the possibility that your product could cause harm or injury if used improperly, you need to recalculate those risks on a regular basis.

If the risks change, your business insurance needs to change along with it. Reevaluate your coverage any time your risks shift to ensure that you are still adequately covered no matter what happens.

2. Your insurance adviser isn’t available to help walk you through the process.

You should be getting more out of the relationship with your insurance company than a quick quote or a check if you do have to file a claim. You want a company that will work with you to lower your premiums, find the policy that works best for your company, and walk you through the entire claims process, whether you’re dealing with a property claim or a liability issue.

Your insurance company should have your back throughout the entire process, keeping you aware of all the information you need. If you’ve filed a claim and discovered that wasn’t the case, it might be time to reevaluate your business insurance.

3. Your policy doesn’t cover claims that are unique to your business.

Consider the type of claims that you’re most likely to have to make. Do your employs work with hazardous materials or around particularly dangerous equipment? Do you have unique considerations that could become a problem down the road? What about problems caused by cyber security or other online issues: are they covered under your policy?

Take the time to hash those out and make sure that you’re adequately covered in the event of those types of claims. It may require an add-on to your existing policy, but those small annual fees will be well worth it if you need to take advantage of that policy.

4. You’re paying more than you feel that you should be.

Business insurance is tricky. The cost of your premium depends on a variety of factors including the property where you work, the type of business you do, and the number of employees you have working for you. If you feel that you’re paying too much, however, check out other potential policies.

Make sure, however, that you’re paying attention to the details of what’s covered by those policies. Inexpensive insurance is great upfront, but it can cost you down the road if you need to make a claim.

5. You’re growing more rapidly than anticipated.

The growth of your business can have a substantial impact on your insurance premiums. The growth is wonderful, but you want to make sure that your coverage continues as your company grows! You should reevaluate your coverage annually no matter what kind of growth your business has experienced, but checking in halfway through the year is a great policy for businesses that are growing more rapidly than usual.

Looking for more information about business insurance? Contact us today to learn more about how you can get the best policy for your company without feeling as though you’re constantly overpaying for business insurance.