How Often Should I Review My Commercial Insurance Policy?

Depending on your business and the nature of your coverage, you may want to review your commercial insurance policy every year or every few years. 

What you want to look for is any changes to the policy that may affect your business. If any new risks have been added to your insurance policy, be sure to discuss these with your insurance provider. If living in Parkersburg, WV, consult Curtis Miller Insurance.

What More to Know 

Depending on your business needs, you may choose to have your commercial insurance policy reviewed yearly, quarterly basis, or whenever you feel necessary. 

Commercial businesses should review their insurance coverage at least once every 12 months. This is important for two reasons. First, it’s a good time to confirm that your policy is still in effect and covers the risks at your business. Second, it’s a good time to review your policy and consider any changes you might want to make. 

Commercial insurance policies come with a set term, usually between one and three years, and you’ll need to renew your policy before it expires. At the end of the renewal term, it will be time to review your coverage and decide if you want to keep the same policy or change to a new one. 

Your agent or broker is the expert on your business, and they will likely provide you with a commercial insurance policy renewal schedule. At the end of each term, you’ll get a renewal notice with the new term and any changes to your coverage. 

Key Takeaways 

Call your agent or broker to discuss your coverage if you don’t receive a renewal notice. If you’re not working with an expert, schedule regular meetings with yourself. 

You can do this by writing down all the items that need to happen at the end of the term and then scheduling a meeting with yourself at the end of each period. For assistance in Parkersburg, WV, call or visit Curtis Miller Insurance.