Efficient business management involves maintaining appropriate insurance and documentation throughout the year to mitigate potential legal and financial risks. If you’re a business owner in Cheraw, SC, knowing when to review and reassess your existing commercial insurance policy is crucial to prevent coverage lapses. At Ingram Insurance, we assist our commercial clients in ensuring their current policies are always up-to-date and provide adequate coverage and protection when needed.

When to Review Your Commercial Insurance Policy

It’s recommended to review and reevaluate your commercial insurance policy at least once annually, or every 12 months. This allows you to assess risks, policy terms, and rate changes. Other times when an assessment may be necessary include:

• When Hiring New Employees: Whenever you hire new employees, it’s important to consider your liability and workers’ compensation plans.
• Relocation or Expansion: If you’re relocating your business or expanding your property, you may need additional zoning and property coverage. You’ll also want to consider potential structural endorsements and flood insurance needs, depending on your new operating location.
• Investing in New Equipment: Whether it’s commercial vehicle fleets or a brand-new inventory, keep your equipment, inventory, and added vehicles in mind when reviewing commercial insurance policies.
• New Products and Services: New services, such as deliveries or consulting services, may require you to update your liability profile and policy.

Understanding how to maintain your commercial insurance policy is crucial for business owners, regardless of their industry or specialty. If you’re a business owner in Cheraw, SC, there’s no need to second-guess your decisions when researching and reviewing your existing commercial policy. To learn more about your commercial policy and to request a professional review from a trusted provider, contact Ingram Insurance today.