There’s over 30 million recorded small businesses in the United States with at least 58.9 million employees, according to 2018 data from the U.S. Census Bureau. And every business owner should have some sort of business insurance protecting their assets. The thing is, you have to know which insurance coverage is right for you. That insurance is meant to protect you in the event of an accident or natural disaster that halts your entire business operation. You don’t want to be held liable for something that happens on your watch. Most people just go for the most generic form of insurance and hope that it covers them. However, there’s certain rising trends that have to be addressed in separate policies, like cyber or flood insurance.
As a business grows, the insurance coverage that you’ll need will also grow. Now that it’s the end of the year, it’s time to perform a year-end business insurance check. Here’s how to properly perform that action, according to Due.
Ensure Your Insurance Covers Everything You Need
The first thing you need to do is review your business insurance and find what your needs and challenges are. If you’ve added on some employees this year, then your insurance needs might have changed. If you’ve added a company car to the roster, than you’ll need extra coverage for that. And if your company revenue is booming, then it’s that much more essential to have upgraded business insurance. If your business is an an area prone to fire damage or floods, than you might want to purchase a separate policy, just in case a natural disaster does happen that you can’t control.
How Much You’re Paying For Insurance
One of the most profound problems that a business owner has is the ability to consistently afford their coverage. However, having insurance just comes with running a business. Regularly reviewing insurance coverage helps make sure that you’re not overpaying anywhere. It also helps because you can ask your insurance agent if any bundled policies are available. If you feel like you’re still paying too much, take the time to shop around different insurance policies. If you come across a better price, bring it up to your agent. No agent will want you to go without coverage, and your agent will be happy to help you find the right option for your business’s finances.
Look to the Future
It’s not just about looking to the past; it’s about looking forward as well. Try to imagine where you’re going with your business next. If you’re expecting any big changes, then expect to have to alter your insurance. When reviewing your business over the past year, it’s important to include trends for the upcoming year. Things can always change when you’re a business owner, making it pertinent to always stay on par with any situation.
No one likes to pay premiums. But business insurance in Glen Rock is a necessity for any business owner. If you aren’t careful, a single issue can topple everything you’ve ever worked for. Always review your policies with an agent to ensure complete transparency.
About David G. Sayles Insurance Services
At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.