There are many different industries that rely on the coverage that comes from a business insurance policy. Some businesses just need a basic general liability policy, while others need something a little more specific to the work that they do. Your business insurance agent in Fall River can help you to determine what type of policy you need and how much coverage you require. So whether you need a business insurance policy that covers commercial vehicles and trucks, or if you need coverage for a restaurant, liquor liability or Workers Compensation, your local insurance agent can make sure your investment is properly protected.
If you already have a business insurance policy, it is important to review it regularly to determine whether anything has changed and if you are still meeting the minimum Massachusetts insurance requirements. If you are under-insured for any reason, you might not be covered in the event of an emergency or other type of business loss. Therefore it is important to make sure that you speak with your insurance agent in Fall River on a regular basis to make sure you are properly insured.
Did Your Business Grow?
If your business is doing well and you have more employees, more company cars and are offering more products or services than before, you might need to make an adjustment to your business insurance policy. It is important to make sure that you are always meeting the Massachusetts insurance requirements, so it pays to talk with your insurance agent about anything new that is happening with your business – even if it is good news.
If you have more employees…
Make sure to check your Workers Compensation policy. This is an important part of business insurance in Massachusetts and you want to make sure that your employees are properly protected. Check your disability insurance policy at this time as well.
If you have more vehicles in your fleet…
Of course you will need to stay on top of your business insurance policy that focuses on the vehicles in your company fleet. Auto insurance needs change over time as vehicles age and you will need to add coverage every time you add a new vehicle.
If you are selling new products or services…
Make sure that you have adequate liability insurance coverage. Some changes in your inventory might require the way that you are insured and the type of policy and protection that you need if a customer files a claim.
Has Your Financial Situation Changed?
This is the primary reason why business owners need to review their business insurance policy. If your finances have increased or decreased, if the size of your business has increased or decreased and if any changes have been made to your business property, you may need to upgrade or change your policy. You also need to make sure that you can afford to make your monthly insurance payments and that you are prepared to pay any deductibles that would be required in the event of a claim for damage or injury.
If you have more cash on-hand…
Consider increasing the amount of your deductible. You could lower your monthly insurance premiums and reduce your cost of doing business. Just make sure that you don’t set your deductible so high that you can’t afford to pay it if there is a claim.
If you have less cash on-hand…
Consider decreasing the amount of your deductible. While you might pay a higher monthly insurance premium as a result, it is important to make sure that you have enough funds available to pay the deductible in the event of a claim. Speak with your insurance agent in Fall River about options available for business insurance in Massachusetts.
Have You Made Changes to Your Business Property?
If you have changed locations or if you have made modifications or upgrades to your commercial business office, warehouse or restaurant, you might need to make changes to your business insurance policy. There are many unique Massachusetts insurance requirements for different types of businesses that must be adhered to in order to secure proper coverage. Whenever you make any change or make a move, always consult with your insurance agent in Fall River to update your file and make any required changes to your policy.
If you have made certain upgrades…
You might qualify for a discount on your business insurance in Massachusetts. Adding an alarm system, security monitoring service or upgrading your sprinkler system can make a big difference on your policy. Adding hand rails to stairways and making other changes that can reduce the chance for customer or employee accidents are always beneficial.
If you move to a new location…
Your insurance policy might have been higher at your original location due to the size, age and type of building. A new location to a more modern building or facility, with new equipment and security measures in place, could reduce your monthly premium even if the new location is larger than the one you just left.
Contact Your Insurance Agent in Fall River Today!
To find out more about your business insurance policy and any applicable Massachusetts insurance requirements that are related to your industry, contact your insurance agent in Fall River. Sullivan Insurance Agency has been providing a wide range of insurance coverage for business owners in the State of Massachusetts and Rhode Island for almost 60 years.