Do you have a commercial insurance renewal on its way? This week is simplify your life week, and today, we want to talk to our small or local business owners about how they can simplify with a commercial insurance renewal checklist. Keeping things simple sometimes means you’re staying free from worry, and the only way to do that is to have the right coverage on your insurance. A simple commercial insurance check-up can help you determine whether or not you’re properly covered, so today, we’re going to discuss how you can prepare for an upcoming commercial insurance renewal.
Did you make any changes to your business?
The first thing you’ll need to review for your commercial insurance renewal is any changes that were made to your business since you last checked in with your insurance agent. If the name of your business has changed, you’ve opened new locations or moved locations, or you’ve made changes to the amount of staff you employ, then you should certainly let your agent know.
Make sure your quarterly reports are completed.
The next thing you’ll want to check up on in your commercial insurance renewal is liability insurance coverage. To have the proper coverage, it is crucial for you to complete your quarterly reports, and that your payroll figures are all up to date. The company’s assets are most efficiently protected if they are properly reflected in your business’ numbers. Additionally, it’s important that your insurance agent determine whether or not you have more than one kind of income or operation, that way we can get you the coverage you need if it’s not on your policy already.
Make sure your payroll is up to date.
The next thing you’ll need to look at for your commercial insurance renewal is your workers’ compensation insurance coverage. Business owners can offer their staff protection through this coverage, but it’s important that your insurance coverage on your policy properly reflects your company. Your payroll needs to be properly divided into the right class codes, and all of your class codes need to be correct as well. This is also a good time to check to see if your business qualifies for drug-free workplace or safety discounts.
Check the driver’s licenses of all operators of company vehicles.
The last thing you should check on before your commercial insurance renewal is your commercial auto insurance coverage, especially if you have employees on the road often. As a business owner, you should check the driver’s license information for those in your business who are operating your company vehicles to ensure that the DMV states they are qualified to operate your vehicles. Additionally, we’ve put together a piece on non-owned or hired auto liability coverage to help you understand if you have the right coverage or not.
In Conclusion
We hope that this blog has helped you simplify your life and prepare for your next commercial insurance renewal. If you have any questions or would like to review your commerce insurance with us, give us a call at 860-684-5270 or click the link below to contact us today.
