How to Switch Business Insurance Plans Without a Hassle
If you're considering changing your business insurance coverage, make sure you don't leave yourself unprotected against liability and loss.
When It's Time to Change Your Business Insurance Carrier
You're concerned. The premiums for your business insurance plan continue to increase, seemingly without cause. Maybe you've had an unfortunate experience with your insurance company when you've tried to pursue a claim settlement. Or, your business requirements have dramatically changed through growth or recession. You're considering a change, but make sure to use your good business sense and look before you leap.
Perform an internal cost-benefit analysis when gathering insurance quotes for commercial insurance. Not all insurance companies are alike.
Once you're certain you can do better, take the following prudent steps:
your current insurance company and establish a date to
close the account and end coverage. Formal cancellation, in writing, is
necessary if you don't want policy disputes hanging over your
transition to a new plan. Verbal agreements and handshakes won't hold
up in legal matters.
Timing Your Business Insurance Transitions
Depending on your existing policy, you may incur penalties for terminating your coverage prior to the expiration date. And they can be costly. If you can possibly wait, the most economical hand-off between insurance companies is typically at renewal time with your present insurer.
Of course, you don't always have this convenient option. If you must change sooner and can afford the penalty, then at least make sure you're leaping on to steady ground. When seeking business insurance quotes, consider:
your premium is lower, is the coverage the same?
In short, are you scaling up or paring back? Your new insurance should be tailored to your new needs.
Your New Business Insurance Policy
before making a change, ask for quotes
that match the same business requirements against the levels of
coverage to find the right plan for your needs. Are you seeking
liability insurance to protect your business against suits for
negligence? Do you have enough property insurance to cover losses from
fire, flood, or other natural disasters? Does your casualty plan cover
any anticipated events?
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