Lake Mary Agency offers Business Owners Reasons to Review Business Insurance – Right Now!!

For small business owners, an annual review of existing insurance portfolios with an agent is critical. The New Year is a time when many people commit to a New Year’s Resolution to do something different, or have set specific goals they would like to achieve in the New Year. An important resolution for business owners is to review your insurance policies.

It is very likely that in the past year there have been changes that could change business insurance coverage such as:

  • Vehicles sold
  • Equipment sold
  • Locations sold
  • Reduction in inventory
  • Reduction in sales
  • New Employee Hires
  • New Property Purchases

Not having adequate insurance – or not having the right types of coverage for a specific industry – can put a business at risk for a serious financial loss. Without adequate insurance many unforeseen circumstances may arise such as: a fire, robbery, internal theft, employee accident, automobile accident, or a consumer lawsuit could financially ruin a business and might even put the owner’s personal assets at risk of loss.

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Depending on the business type your business may be legally required to have certain kinds of insurance. For example, if a company has employees, many states mandate that a business carry workers’ compensation coverage, or prove active liability coverage in order to get a state or local business license.

Some business owners get initial insurance coverage at the time of start up and continue for years without revisiting or reviewing the policy. It helps to have a periodic review of a policy to reveal errors that may have been made at the time of purchase that can carry over for years, even decades if not found. These errors could cost companies thousands or hundreds of thousands of dollars from overlooked risks. Even if they do a good job when the policy is purchased, circumstances can change over time.

Some business owners have had policies in place for 15 to 20 years with the same coverage they had when they were working out of a small start up office suite and now they have 50 employees in a large building with new equipment, and have no idea how underinsured they are.

As you can see, these are some of the important reasons why business owners should get an annual policy review, and if there has not been a review in years it is important that a review be done immediately before something happens. With 407insurance.com, you will be able to get the coverage policy that suits each individual business owner. Of course, a business owner will need to take a look over the terms and conditions and make sure to provide the right information. When the right information is confirmed, a quote will be given to get the best offer.

We know that business owners do not want suffer a loss, and this is why insurance exists in the first place. Even the most successful business can end up suffering from one incident.  Uninsured catastrophic losses can threaten the very existence of the business that many people have worked so hard to build. Insurance is a form of risk management essential to all businesses.

It is necessary to consider all of the various types of protection a business might need. Although insurance needs vary widely from one business to the next, here is a brief list of policies a business should have.
1. General coverage provides damage protection from fire and other mishaps. Owner coverage also offers a degree of liability protection.
2. Property insurance
3. Liability insurance
4. Product liability insurance
5. Errors and omissions insurance
6. Business income insurance
7. Automobile insurance

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When small business owners are busy with the daily operation of running a business, it can be hard to remember all the changes that take place that might have an impact on insurance coverage and rates.  New equipment purchases, additional company or fleet vehicles, developed new products or services and more are the kind of things that go overlooked. A business owner may have reduced staff, sold equipment, down sized or moved to a smaller location. All of these needs reviewed and can also reduce the premium and save a business owner a little money.

For a free annual insurance review call (407) 324-5662 or visit www.407insurance.com

Contact: Mike McLean

3070 W. Lake Mary Blvd. Suite 126

Lake Mary, FL 32746

(407) 324-5662

mike@mclean4insurance.com

http://www.407insurance.com

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