Insureon Blog

When Is It Time for New Business Insurance Quotes?

15. January 2015 07:12

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For many people, the less they have to think about insurance, the better. And who can blame them? Insurance doesn't exactly have a reputation for being an exciting and fun adventure. If you see insurance as more of an obligation than a fulfilling quest to protect your business, there are still two compelling reasons to keep your small business insurance needs in the back of your mind, even after you obtain coverage:

  1. You may find opportunities to reduce your premiums.
  2. Your diligence ensures your business always has adequate protection.

So while you may only want to revisit your coverage when it's time to renew your policy then zone out until your premiums are due, let's take look at when you should update your coverage or seek out new business insurance quotes.

When Your Small Business Changes

As you may already know, your insurance policies are based on your business's unique traits. If something changes, your coverage needs may also change. When that happens, it's not a bad time to compare new insurance offers to make sure you're getting the most coverage at the best rate available. (To get a good reference for recent rates, see our Business Insurance Cost Analysis).

When your business experiences the following changes, call up your insurance agent to discuss your options:

Note: remember, when you work with an insurance agent, they can adjust your existing coverage and compare it to other available offers. It takes the guesswork out of the equation and is one less thing for you to worry about.

When It's Time to Renew

If you want to see what other fish are in the sea, the best time to shop for insurance is about a couple weeks before it's time to renew your old policy. Your agent should send out a renewal notice that describes…

You can use the information to compare new offers from other insurance companies. For best results, be sure to gather quotes from several insurance providers (and make sure those providers are reputable!). If you'd rather someone do that work for you, submit an application via insureon.

When You're Unhappy with Your Current Coverage

Maybe it's time to shop around if…

Luckily, it's pretty easy to compare insurance offerings these days, and in most cases, you can fill out an online insurance application in about 10 minutes.

As a final word of advice: don't go canceling your policy before you have a new policy in place. You don't want to have gaps in your insurance coverage. Also, bear in mind that a cheaper policy isn't always a better policy. You want to ensure that low price isn't because essential coverages are missing.

For some pointers on how to compare quotes, check out the post, "Decoding Your Small Business Insurance Quotes."

Tags:

Business Owner's Policy | Commercial Auto Insurance | Errors and Omissions Insurance | General | General Liability Insurance | Insurance Savings Tips | Professional Liability Insurance | Small Business | Tips for All Small Businesses | Workers' Compensation Insurance

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