Tag Archives: Commercial insurance

When Should You Update Your Commercial Insurance Policy?

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Running a business involves constant change, and at Saucon Insurance Agency in Bethlehem, PA, we understand the importance of keeping your commercial insurance policy up-to-date. Knowing when to review your coverage can make all the difference in protecting your business.

After Significant Business Growth

If your business has expanded—in terms of revenue, staff, or location—it’s time to reassess your insurance needs. Increased assets or a larger workforce can mean more risk, and your policy should reflect that growth to ensure complete protection.

Introducing New Products or Services

Whenever you launch a new product or service, consider the potential risks involved. Each addition might require adjustments to your liability coverage. Ensuring your policy covers these new aspects can help prevent unexpected liabilities.

Relocating or Renovating

Moving to a new location or renovating your current space can impact your insurance needs. Changes in property value, location risks, and the nature of your operations should all be considered when updating your policy. This ensures your coverage aligns with your business’s physical footprint.

After Reviewing Legal Requirements

Regulations and legal requirements can change, affecting your insurance obligations. Regularly reviewing these changes with an insurance professional ensures compliance and avoids potential fines or gaps in coverage.

Annually, as a Best Practice

Even without significant changes, reviewing your policy annually is a smart practice. This helps you stay informed about your coverage and adjust to any industry or business shifts.

At Saucon Insurance Agency in Bethlehem, PA, we’re committed to helping you maintain optimal coverage for your business. Contact us today to discuss updating your commercial insurance policy and securing your business’s future.