Six Indications That Your Commercial Property Insurance Needs Have Changed

When consumed with running your business, many day-to-day tasks require your attention. With so much to do and keep track of, long-term tasks that do not seem like they need immediate attention can get lost in the shuffle. 

A critical, long-term task that often gets “lost” is monitoring your insurance needs.

If you don’t stay up to date with the coverage you need, you may leave yourself and your business vulnerable in certain situations. Unfortunately, if this situation occurs, the seemingly non-urgent task of updating your insurance coverage now seems like it should have been at the top of the list.

To assist in monitoring your Commercial Property Insurance coverage, here are six indications that your Commercial Property Insurance needs have changed!

  1. If you have renovated or improved your business space or property– that could mean significant or minor renovations. 
  1. If you purchased a significant piece of new equipment or machinery– new equipment might include used or costly refurbished on-site equipment for your business operations. 
  1. If you’ve expanded or increased your product inventory in any way
  1. If you added shifts to your business’s production schedules– more changes mean an increased chance of accidents occurring. 
  1. If you made any significant investments in technology or security for your business
  1. If the foot traffic on your commercial property has increased by a significant or small amount– this advanced foot traffic could result from a new product launch or more business partners in the office. In either case, an adjustment to your coverage terms may be in order.

So, which indicators apply to you? If any, you should consult with an insurance agent as soon as possible. You don’t want to hurt your business as you’re in the process of improving it. The longer you wait to consult, the more vulnerable you will be. 

Please note: some of these indicators may only apply if the action occurred in the last 12 to 18 months.  

Are you ready to consult with an insurance agent? 

We’ve shown you six common indicators that your Commercial Property Insurance needs have changed, so now you know if this is the right time to consult with an insurance representative.

With the right insurance coverage, you can continue working day in and day out on the tasks that ensure your business keeps prospering– all the while, your insurance is there, ready to help if need be. 

That sort of peace of mind doesn’t come along every day, and you can’t have it unless you make an effort. 

Please be sure to review your Commercial Property Insurance by reaching out to Metro West Northeast Insurance here. 

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