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 […]