Whether you own a retail store, a local mechanic’s garage, or a manufacturing plant in Ramseur, NC, securing and maintaining commercial insurance is essential for optimal protection. Regularly reviewing your commercial insurance policy needs is a way to stay updated with potential risks, growth factors, and regulatory changes. At Allen Insurance Agency, we work with clients to determine the right time to reassess and reevaluate commercial insurance needs throughout the year.
When to Review and Assess Commercial Policies in North Carolina
When operating your business in North Carolina, it’s advisable to review and assess your commercial insurance policies:
- After hiring new employees. Businesses with 3 or more employees are required to obtain and maintain workers’ compensation coverage.
- Annually, to ensure your policy aligns with any changes made to rates, exclusions, regulatory requirements, and policy language.
- When investing in renovations, or if you’re in the process of expanding or relocating. You’ll want to assess flood and fire risks and estimate the costs of complete replacements.
- When investing in company vehicles, property, or new inventory. If you’re transporting equipment or tools in North Carolina, you may also want to consider inland marine coverage.
- After experiencing a major claim. Reviewing policies can help you understand exclusions, endorsements, and deductibles for future peace of mind.
Whenever you run a business in Ramseur, NC, it’s crucial to ensure you’re adequately protected with the right commercial insurance. Even if you’re new to business management, sufficient insurance can significantly reduce liability risks, legal battles, and losses. To determine the right time for you to reassess and review your commercial insurance policy, contact Allen Insurance Agency for your consultation today.
