With the exception of a few states, such as Virginia and New Hampshire, auto insurance coverage is mandatory across the U.S. For this reason, a majority of American car owners carry auto insurance, which costs about $1,400 annually on average, according to a recent study by Business Insider. The actual cost of your auto insurance coverage will depend on various factors, including, among others, your driving history, gender, age, type of car, and the amount of coverage you need. For example, teen drivers pay higher premiums since insurance carriers generally perceive them to be high-risk motorists.
The Insurance Information Institute (III) recommends reviewing all your insurance needs, including commercial insurance, at least once every year. This is important because it gives you a chance to insure your underinsured and uninsured property fully, avoid over-insurance, and even lower some insurance costs. Commercial insurance review is necessary, especially when your business has experienced significant changes such as increased or reduced costs, revenues, and risks.
Keeping this in mind, here are five instances when you should review your business insurance.
1. You’ve Implemented Risk Mitigation Strategies
If you have implemented the necessary risk mitigation strategies […]