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Written by Adam Miller
Eight Things to Review Before Your Business Insurance Renewal

No business stays exactly the same year after year. Every company will experience periods of growth, slowdowns, or even major business transitions, and it's important that your Business Insurance always reflects these changes.

If your policies aren't updated on a regular basis, you could be paying too much for coverage that isn't accurate, or be underinsured in other areas of your business.

Every year Commercial Insurance policies are up for renewal, but before that happens, it's a great idea to sit down and really review the state of your company: where your business has succeeded, areas of improvement, and changes needed for the year ahead.

Learn eight things your company should review before your yearly Commercial Insurance renewal to ensure your coverage will reflect the current state of your business and its assets. Also learn how Aegis Insurance & Financial Services can help you assess your coverage needs and create a tailored insurance portfolio that meets your needs.

1. Look Back at the Previous Year: Start by reviewing the issues or claims you made within the last year. Take note of any incidents or accidents that happened, as they can indicate areas that might need more coverage or safety improvements.
2. Safety Improvements: Think about the safety measures you've added since your last policy renewal. Have you upgraded your security systems, provided safety training for your employees, or enhanced your workplace environment? These improvements might help lower your premiums and make your business safer for your employees.
3. Increase in Staff: If you've expanded your team, you'll need to update your Workers Compensation coverage. As your workforce grows, so does the need for adequate protection in case of workplace injuries or illnesses.
4. New Equipment or Tools: Did you invest in new equipment, appliances, or tools for your business? These are great for boosting productivity, but don't forget to make sure they're covered under your Commercial Property Insurance. This protects your business in case of theft, damage, or any unforeseen disasters.
5. Consult with an Insurance Expert: If all this insurance jargon feels overwhelming, don't hesitate to consult with our experienced agents at Aegis. We can guide you through the process, explain the fine print, and help you make informed decisions.
6. Bundle Policies for Savings: Consider bundling your Commercial Property Insurance, Workers Compensation, and General Liability coverage with a single policy. Many businesses qualify for premium discounts by combining multiple policies together.
7. Assess Your Business's Risks: Take a moment to assess any new risks your business might face in the coming year. This could be due to expanding to new locations, offering new services, or working with different suppliers. Adjust your coverage accordingly to stay protected.
8. Plan for the Future: Lastly, think about your business's future goals and potential changes. Are you planning to expand further or introduce new products? Discuss these plans with your insurer to ensure your policies can adapt to your evolving needs.

Insurance might not be the most exciting topic, but it's an important part of running a successful small business. By taking the time to review your policies and make the necessary adjustments, you can enjoy greater peace of mind knowing that you're prepared for whatever comes your way.

If you'd like to discuss your upcoming Commercial Insurance renewal with our experienced agents, or learn more about our full range of policies, contact Aegis Insurance & Financial Services today. We'd love to talk with you about your coverage needs and ensure your business has the protection it deserves.

Contact our team at 713-850-7622 for more information, or fill out our online form to request a free quote today!


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