Business owners are responsible for keeping their commercial insurance current with business, client, and regulatory changes. Annual insurance reviews will address many changes, while other events should trigger near-term reviews. If you live in or near Lynnwood, WA, and want to discuss your commercial insurance coverage, contact the Securum LLC team.
Business Changes Require Commercial Insurance Reviews
Each firm’s commercial insurance needs vary based on its size, industry, legal structure, and other dimensions, but commercial insurance generally covers a range of business assets and activities. That means your insurance needs can change due to numerous factors. As a business owner, you should review your insurance needs based on a schedule and due to specific events.
Annual Review
You should review your insurance coverage annually to account for
- Changes in revenue, inventory, or assets
- Regulatory changes in your industry
Other events that should trigger a review as they occur include:
Business Changes
- New products and services not named in your policy
- New or updated facilities and equipment
First or New Employees
- Workers’ Compensation insurance is required of employers
- Fidelity bonding insurance is needed when employees handle money
- New employees may require additional vehicles
Business Structure Changes
- Incorporating, adding a Board of Directors, or other legal changes
- Mergers, acquisitions, and other structural changes
New Clients and Vendors
- New clients and vendors may have contractual insurance requirements
While many changes require additional insurance coverage, others allow for eliminating or reducing coverage.
Keep Your Insurance Up to Date with Securum LLC
The Securum LLC team serves the personal and commercial insurance needs of those in and near Lynnwood, WA. We will help create or update an insurance plan to protect your business and its assets. Call us today at (206) 315-7984 to discuss your insurance needs.
