One of the primary goals for every business is to grow and increase market share. Generally, as your business grows so does its revenue and assets, and such growth can lead the company to expand its operations, expand its offerings, and even search for a larger location. Just as the company itself does not remain static from year to year, neither does its insurance needs. As your company changes it is highly recommended that you continue to adjust your insurance coverages in order to reflect the company’s ever-changing needs.
Below we will review some reasons your company should review its insurance coverages annually:
Business needs change – As your company grows and prospers it will naturally expand into additional products and services and possibly even larger premises. Every change your company undergoes could create a corresponding liability, which may best be addressed by increased or modified insurance coverage. It is best to speak with your insurance agent at least once per year in order to discuss how your business has changed over the past 12 months, and to review if your current coverages are adequate.
Society changes – Just like your business needs will evolve over time, so will the societal factors which take place in and around your company. For example, if you own a company with a storefront location and which employs delivery drivers, you may wish to increase your coverages if a daycare were to open up next door. Your insurance coverages should be reviewed periodically to ensure they reflect the current societal factors which may affect it.
Environment changes – From year to year environmental changes can take a toll on businesses. Longwood, FL area businesses should review their insurance every year in order to make reasonable adjustments to coverages which may help mitigate unexpected or particularly harsh environmental cycles.
If you are a Loongwood area business and you have not reviewed your insurance coverages recently, contact our agents at Express Insurance for a review today.