Chances are, if you are a business owner a lot has changed over the last year. When you look back at your business operations over the last year you have likely added or subtracted expenses, purchased new equipment or other assets, hired or fired personnel, and much more.
A lot can happen in a year!
Whether your business went through massive change, restructuring, growth, or it was a fairly consistent year or operations, this time of year can be a good time to review your business insurance coverage near Springfield, Ohio.
Not sure what that looks like? Our team at Link-Hellmuth Insurance can help you in reviewing your business insurance needs any time of the year. This is important to do so for the following reasons:
-you may not have adequate coverage
– You could be missing out on savings
Until then let’s take a look at what you should be considering.
Changes That May Require Business Insurance Updates
There are a number of common business changes that can influence your insurance.
Whether you have invested in improvements or upgrades to your business building or have moved to a new property or location, you will need to adjust your insurance to reflect it.
Property changes usually require a big investment, you’ll want to make sure they’re covered under your policy.
Many businesses use a variety of different equipment or machinery to get the job done. If this equipment is leased or purchased in the past year, you’ll need to include it on your renewed insurance policy so it’s protected from any risks going forward.
Your insurance carrier likely uses your staffing and payroll levels to determine your limits and your premium on certain types of business insurance. If you hired or used any subcontractors, you’ll need to let your insurance company know so they can increase or reduce your estimated payroll figure.
Similar to payroll and staffing levels, revenues also play a role in determining your insurance limits and premiums. If your business’ revenue changes, your insurance policy also needs to change.
If the ownership structure of your business underwent any changes you will need to update your business insurance policy. This could include a change in ownership, your business name, or business entity structure.
Any vehicles you use for work should be considered in your commercial vehicle policy. If you have purchased or leased new vehicles in the last year or added new authorized drivers this needs to be updated in your policy.
New Year New Business Insurance
Do any of these changes apply to your business? Get your business started on the right foot in 2024. Contact our team at Link-Hellmuth Insurance to review your business insurance needs and make sure you are covered and set up for even more success in the new year!