A smart CEO is always rechecking the numbers and making adjustments to keep their company moving forward, whether they’re on Wall Street or starting up a new small business in Goldsboro, NC. These 5 steps are guidelines for how to review your commercial insurance policy.
Your Property and Income
One half of commercial insurance is protecting your company in the case of damaging incidents that slow or stop your business. Knowing how much your company’s property and time is worth will help you adjust your coverage to properly manage the risk.
Your Covered Perils
Basic commercial liability policies are inclusively worded. Only the listed covered perils or damaging events will be recognized in your claim. If you purchase commercial umbrella insurance, it has exclusive wording, so anything not mentioned as an exclusion in the policy can be covered once your other insurance is tapped out or after a small amount similar to a premium if no other policies apply.
Your Fleet of Vehicles
Commercial auto insurance is covered separately from the rest of commercial insurance, so you may need to expand your policy if you pick up a company car or get a truck to haul your equipment.
Your Workers’ Compensation Needs
Small businesses with only one or two employees are not required to have workers’ compensation insurance, but companies that have more than that will need coverage. Even if you aren’t required, workers’ compensation is a good idea if your employees are taking on a lot of risks.
Shopping around from time to time may get you lower prices or a better suite of benefits. Wayne Realty & Insurance Co Inc. in Goldsboro, NC is always ready to help you review your financial risks and sort through your commercial insurance options.