A lot can happen in a year, especially for small businesses. And as your business changes, so do your insurance needs. That is why it is so important to have an annual review of your commercial insurance policy.
We know of a Maryland resident who owned a small remodeling business. When business picked up, he brought on one employee. The business owner didn't realize that even a small change like that made a difference to his insurance needs and that he was now legally required to carry workers' compensation insurance in Maryland or face a fine up to $10,000. That's just one example of why a free yearly review by Keller-Brown Insurance Services is so important.
The Risks of Being Underinsured
We love to see businesses in Pennsylvania and Maryland flourish, but it is important to remember that as your business grows, so does your liability risk. Being underinsured puts your company at risk in numerous ways. Your company can be exposed to lawsuits and fines for everything from employee or customer injuries to property damage and failure to meet contractual obligations.
If your business is found at fault for a large amount and you are underinsured, that amount must come directly from your business. Paying directly can seriously cut into your profits and possibly destroy your business.
When you initially purchased commercial insurance, your coverage was likely based on any combination of the following: payroll, employee count, sales, vehicles, business contents, inventory, tools, and other commercial property. If any of those things have changed in the last year, we can make sure you are not paying for overlapping insurance or hit with an audit surprise. Oftentimes, customers forget to call us when they buy or sell equipment, property, and vehicles. Our team frequently picks up on these changes during a review because the customer forgot to notify us when the transaction happened.
Call us today to review your policy and we will look at multiple facets of your company to make sure your business is protected.
An Insurance Review Could Save You Money
Insurance costs have risen in the past year, spurred on by extreme and intense weather events, the rising cost of building materials, labor, and social inflation lawsuits. You can be sure that during your commercial insurance review we will keep a sharp eye out for ways to save you money on your insurance premiums.
One option we look at is increasing the deductible on your policy. Sometimes, we find that businesses can save money with a package policy instead of individual coverages. We may also talk to you about ways to prevent losses by practicing workplace safety and having a disaster preparation plan in place.
Keep in mind, a policy review isn't always intended to save you money, but to maximize the insurance dollars you're spending. The process may uncover major gaps or changes in exposure that are important to insure, and, if so, the cost of the insurance premium far outweighs the cost of going uninsured or underinsured.
As an independent insurance agency, Keller-Brown works with several top-rated insurance companies. We will compare insurance carriers, costs, and coverage for you to find the most competitive premiums. Learn how you can avoid costly mistakes with a free policy review. We will determine the best policy for your Pennsylvania or Maryland business by taking a number of factors into consideration, including your business's risk profile, revenue, and needs.
When do you need a commercial insurance policy review?
When you are focused on day-to-day business operations, it is easy to forget about changes that can have an impact on your insurance coverage. That's why it is important to have your insurance reviewed at least annually. An even better practice is to contact us whenever your business has undergone changes to operations, employees, drivers, or made a major transaction like buying a vehicle, piece of equipment, or property. When you contact an insurance agent at Keller-Brown Insurance Services for a review, you can be assured that we look closely at every aspect of your current coverage.
Commercial insurance reviews aren't only important for big businesses. They are vital for businesses of every size because the right insurance protects you financially if your inventory is damaged or destroyed or if your business is sued.
By reviewing your existing insurance policy against the current state of your business, we can make sure you are paying the right price for the right coverage. For example, there might be new policy options that can save you money.
Contact an insurance agent at Keller-Brown Insurance Services today to answer any questions about commercial insurance or for a free review and insurance quote. As an independent insurance agency serving Pennsylvania and Maryland, we have the flexibility to find you the right coverage at competitive premiums for your business, home, auto, and more.
