Keeping Your Insurance Up to Date
Business Insurance: Many business owners today don’t think about it once their policy has been issued. But that may be a critical mistake.
Your growing & changing business means your insurance needs will change.
Life is always changing – and over time, so will your business. That’s why reviewing your business insurance shouldn’t be a one-time event.
Certain factors may impact your need for changes in your insurance coverage, such as:
- The expansion of your business into new product lines or new services
- The purchase or addition of equipment
- The opening of additional locations – or a move to a new one
- Changes to your workforce – such as the addition of new or temporary employees, seasonal help, and sub-contractors
- Your business expansion to digital storefront, eCommerce, and mobile payment capabilities
Today, an estimated 75 percent of commercial businesses are underinsured by an average of 40 percent or more.1
Why Being Underinsured Can Hurt Your Business
Being underinsured can impair – or even bankrupt – a business that has suffered a loss. So many factors can harm these businesses financially, such as:
- Severe weather: Caused $38 billion in insured losses in the U.S. in 2011 alone.1
- Increased costs: Higher demand for labor and building materials has caused reconstruction costs to spiral.
… to name just a few.
Having the right insurance in place means your business may be up and running more quickly if you suffer a major loss. Travelers and your independent agent can be invaluable resources to help you stay on top of the evolving insurance needs of your business.