How Often Should I Review My Commercial Insurance Policy?

As a business owner, it’s crucial to stay on top of your commercial insurance policy. Insurance needs can change quickly, so it’s important to review your policy regularly to ensure you’re still protected.  Hexis Insurance in Oklahoma City, OK can help you navigate this important insurance coverage. Here we discuss how often you should review your policy and what to look for when you do.

Review Every Time You Make a Change

You should review your commercial insurance policy every time you make a change to your business. This includes changes like:

  • Adding or removing employees
  • Adding or removing locations
  • Changing the type of products or services you offer
  • Making changes to your company’s structure or ownership

If you don’t review your policy when these changes occur, you could be left without the coverage you need. For example, if you add a new employee but don’t update your policy to reflect this change, that employee may not be covered in the event of an accident.

Review When You Make Property Changes

You should review your policy whenever you make changes to your property, such as adding or remodeling a building. You may also need to adjust your coverage if you change the way you use your property, such as renting out a portion of it. Additionally, if the value of your property changes, you’ll want to be sure that your coverage limits reflect that.

When You Get New Equipment

You’re in business to make money, which usually means acquiring new equipment. If your policy is more than a year old, it’s time for a review. Talk to a professional agency such as Hexis Insurance in Oklahoma City OK to get help determining if your coverage is adequate.

Review Every Year

Even if you don’t make any changes to your business, reviewing your commercial insurance policy at least once a year is a good idea. This will ensure you’re still getting the best possible coverage for your needs.

Contact Us Today

It’s important to keep your commercial insurance policy up-to-date. Review it whenever you make changes to your business, property, or equipment. At Hexis Insurance in Oklahoma City, OK, we can help you ensure that you have the coverage you need. Give us a call today for a comprehensive review.