When it's time to update your business insurance.
If you run a business, then you need to review your various business insurance policies on an annual basis. However, annual insurance reviews are the bare minimum, and there are other instances in which you need to review and update your commercial insurance in Los Angeles, California
. Not sure when you should re-evaluate your business's coverage? Then here are some of the signs that indicate that it's time for an insurance review.
Changes in Your Staff
If you hire or fire an employee, then you need to update your workers compensation insurance immediately. Updating this coverage will ensure that your staff is fully protected in the event of a workplace injury and illness. Additionally, taking this step will also ensure that you are not punished for failing to carry the legally required amount of workers comp coverage.
Change in Location
If your business is moving, then you have a lot to keep track of. One of the things that you must take care of is updating your insurance policies to reflect your business's new location. Depending on the new location, your insurer may recommend increasing your coverage.
Change in Product or Service Offerings
If you add new items to your inventory or you launch a new service, then you may be opening your business up to new sources of risk. To ensure that you are not leaving yourself exposed, you should review your policies and update them to ensure you have coverage for emerging threats.
If your business experiences these significant changes, then it's time to review and update your commercial insurance in Los Angeles, California
. Do you have further questions about your business's insurance needs? If so, then contact the experts at Fuller Insurance Agency in Southern California. We are ready to assist you with your commercial coverage today.