How Often Should I Upgrade My Commercial Insurance?

Every business in Selden, NY is different, so the question of how often you need to call XL Brokerage Inc. for an upgrade really depends on your rate of growth. Generally, you’ll want to call your insurer whenever you hit the following checkpoints:

  • Any time you make expansions to your staff.
  • Any time you make changes to how your business is owned and operated. If you go public if you have a board of directors, etc.
  • Any time you make physical expansions to the business building itself.
  • Any time you invest in new equipment. Every new laptop and coffee machine might not need to be covered, but certainly big items like copy machines and pizza ovens do.
  • Any time you launch a new product or service, you’re inviting new liability to your business, and your insurer needs to know.

Even if you feel that your business has basically plateaued with no new hires or expansions in some time, it’s a good idea to review your business at the end of each fiscal year and compare it to how you were doing twelve months ago. You may find that you have whole new liabilities you hadn’t considered. You’ll want to take inventory once or twice a year and make sure that you’re still covered. Anything you can’t cover out of pocket, it’s better that your insurer knows about it as soon as possible, and these additional liabilities and property concerns can creep up on you incrementally.

If you’re still shopping around for commercial insurance in Selden, NY, get in touch with XL Brokerage Inc. and see what they can do to protect you, your business, and your staff and customers.