Top Reasons Why You Should Review Your Liability Insurance

There are many reasons why it is a good idea to regularly review your business liability insurance.  This blog post provides some key reasons why you should think about reviewing the liability insurance policy as it is set to expire rather than simply renew it. After all, a simple review could truly benefit your business. Here’s how.

Reason 1: It Could Save You Money

Every business is constantly looking at ways to save money and you could uncover savings when reviewing your premium – from the overall price to the lack of good coverage limits that might lead to more expense if faced with potential claims. Even if you have to raise what you pay, it can protect you if you are otherwise underinsured.

Reason 2: Your Business Undergoes Changes

Every business goes through changes throughout the year, including adding employees or cutting back. Even a growing business can be subject to new risks just by the very nature of taking on more work, staff, and clientele. You may have also expanded your clients, which would mean you could use more liability insurance coverage.

Maybe you have even decided to change your business offering and enter a different line of work, which could require different types of liability insurance coverage. Whenever these changes occur, you don’t want to wait until the policy is due to expire. In this case, you might want to undergo a quarterly review of your business liability insurance.

Reason 3: Local Insurance Requirements Have Changed

You may not be the only one going through change. As you are driven to follow certain local requirements, if these change in regards to the type and amount of insurance coverage, you also will need to review your liability insurance policy. Once you receive a notice about new local requirements, it is good to consult with your agent as quickly as possible so you know what this means for your coverage.  

Things to Consider on Why to Act Now

It is quite common for businesses to put these kinds of needs on the back burner as they try to just handle the daily issues that crop up. Soon, despite their efforts to grow, be competitive, and develop a  good reputation in the community, something unforeseen happens and they are caught short by not looking at the potential risks in not regularly reviewing their business liability insurance.

Think about what a claim could do to your business:

·         How would this impact your business during a busy period?

·         What would it do to your brand and reputation?

·         What might happen to your profit preservation if this occurred?

·         If a major loss occurred, what would happen if it forced you to shut your business while it was sorted out?

 How Linton Can Help

To help you ensure that this does not happen to you, we are here to help you by conducting regular reviews of your business liability insurance.  We can assist you by showing you: What is at stake if you did not have the right level of coverage; What your insurance policy currently covers and what might need to be changed; and What changes in your business you should look out for as a signal to review your business liability insurance.

Do you have questions? Be sure to leave them here or call our office if you need more assistance.