When Should I Review Commercial Insurance Policies in Arizona?

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Protecting yourself financially as a business owner or investor is essential, whether you manage a small shop or a golfing service. If you’re located in Green Valley, AZ, reviewing commercial insurance policies routinely is crucial to staying protected and secure. At the Insurance Center of Green Valley, we’re here to guide you through the process of reviewing commercial insurance policies year-round for adequate coverage.

Ideal Review Schedule

While you can review your commercial insurance policy whenever you feel the time is right, it’s ideal to do so at least once a year to ensure:

  • Coverage Limits: Coverage limits are aligned with any recent property renovations and/or economic inflation.
  • New Risks: New potential business risks are identified and addressed, such as investing in new equipment or introducing additional services.
  • Compliance: You remain compliant with your landlord, contract requirements, and any lender with whom you are working at the time.

Other Times to Review Policies

There are other situations when reviewing your commercial insurance policies is necessary, including:

  • Investments: Adding new equipment, vehicles, or specialized investments to your business may require inland marine, commercial auto, or equipment breakdown coverage.
  • Hiring Employees: Adding new employees to your payroll may require you to increase your umbrella, employment practices liability, and workers’ compensation policies.
  • Expansion: Remodeling or expanding your business will require additional liability and property insurance to protect your new assets and investments from being underinsured in the event of an outage, accident, or natural disaster.

Reviewing your commercial insurance policies doesn’t have to feel tedious or overwhelming. If you’re located in Green Valley, AZ, we’re here to help. To learn more about commercial insurance policies that are suitable for your business year-round in Green Valley, contact Insurance Center of Green Valley to schedule your consultation today.