When was the last time you sat with an agent and looked over your policy? Massachusetts business insurance can be
expensive and budgeting for it – and any increases you might need in coverage
as your business expands – is absolutely essential. Policies should be reviewed
annually. Here are a few things that should be taken into consideration during
your business policy review:
§ Have your business assets increased in value? If so, is your
coverage for damage and theft still sufficient?
§ Have you constructed new buildings or sheds on your premises? You’ll
need to recalculate the cost of rebuilding the premises if you have.
§ Do you have machinery that you didn’t have last year? If you’ve
purchased new items are they included on the policy? Do you need equipment
breakdown coverage?
§ Are you carrying a higher level of stock than you have done
previously?
§ Do you have new products or services? If you do, has your risk of
being held liable for injury or damage increased?
An annual review of workplace safety is
also a good idea. As your business grows, new risks can emerge. It might be the
case that your workplace safety procedures need to be updated or expanded.
Check the cost of your business insurance premiums against the
previous year. If they’ve increased significantly it could be a good time to
shop around for better prices.
If you need assistance with your business owners policy review or if it’s time to reduce the cost of your premiums, talk to the Technology
Insurance Special Risks, LLC. We’re experienced in assisting Massachusetts businesses
big and small to manage their insurance needs.
