Many business owners are so busy that they do not take the time necessary to review insurance policies on a regular basis. However, these policies are comprehensive and incredibly important. If your business has the same policy it has had for years, it may be time for an upgrade or modifications. Doing so can help to ensure the policy provides you with comprehensive coverage when your time of need does occur. Why does it matter?

Why Your Business Insurance Needs an Annual Review

There are many reasons to review your business insurance on a regular basis. Before renewing your policies, take the time to check out the policy's details to ensure they are accurate and still meeting your company's financial needs. You should do this because:

• The value of your business may have changed
• Your liability or risks may have changed
• You may be able to get a significantly lower cost for your business insurance by working with your independent insurance agent
• You may need to upgrade or reduce coverage based on new processes, equipment or procedures
• Your business's asset value may have changed

Reviewing your insurance policy with your agent doesn't have to be hard to do. Schedule some time to talk to your agent on an annual basis to ensure the continued protection of your business.

What to Look at When Reviewing Business Insurance

Business insurance is comprehensive and every component is important to consider. Take the time to look at these components of your policy before you sign up for another year of coverage.

• How much coverage do you have with this policy? Is it enough to meet your business' needs right now?
• What risks does your business face on a regular basis? Are you at an increased risk for some reason?
• Many policies have exclusions on coverage. Review them to ensure these do not impact your business functions.
• Review your workers compensation coverage thoroughly. Determine if available safety programs, reduced claims or other discounts may be available to you.
• Ask for a lower rate. You may also want to consider deductibles, rewards or discount offers, or other savings opportunities that may be present.

Business insurance varies significantly from one company to the next, but only you can get a policy that meets all of your needs. Talk to your agent about your policy before you renew this year.

Are you ready to review your coverage? Call Kevin Brewer & Associates at (704) 549-1222 for more information on Charlotte business insurance.