Reasons Your Business Needs to Undergo a Commercial Insurance Review

When you make a change to your business, you need to undergo an insurance review. You may need a policy update from Chastain Agency Inc. to adequately cover the equipment or other changes you made to your Gainesville, GA business.

The most common reasons to undergo an insurance review include purchasing new equipment, remodeling the interior of your offices, or updating your vehicle fleet. If you update your business procedures or undergo a change in the business model, this also requires an insurance review.

Your new equipment does not appear on your current policy. Your policy was issued based upon your existing equipment. Its value may exceed the policy limits on your current policy.

Building owners that remodel their office space or commercial structure increase its value. A remodel or renovation raises the building’s value. That translates to needing more coverage. Your current insurance policy covers the value of the property on the date the policy became effective. Your policy limits may not cover your addition or renovation.

Your commercial auto policy needs updating if you update your fleet. You need to add new vehicles as you acquire them and new drivers as you hire them. 

Things like updating your business procedures may prove much less common, but they can affect the risk of insuring your firm. When you change procedures, you can decrease or increase the risk incurred by your company which in turn affects the risk of insuring you.

Call or visit Chastain Agency Inc. serving Gainesville, GA for more information or to set an appointment for an insurance review. Let us help you ensure you properly insure your company to reduce your operating risk.