Does Your Commercial Renewal Policy Need a Renewal Checkup?

As a small business owner, you have a lot on your plate. Obviously, making a profit and keeping your business growing are of paramount concern.

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commercial renewalAs a small business owner, you have a lot on your plate. Obviously, making a profit and keeping your business growing are of paramount concern.  In addition, there’s making payroll, staying competitive, staying on top of new healthcare and tax laws, complying with state and local regulations, etc., etc.  It’s easy to overlook important changes that may have occurred in your business and need to be accounted for on your insurance policy. Your annual policy renewal is a great time to consult with your independent agent and make sure you are properly protected, as well as not paying for coverage for exposures you may no longer have.

Here are some areas to consider 60 to 90 days in advance of your renewal:

  • Has the name of your business changed or are there any new Doing Business As (dba’s)?
  • Has the legal entity changed (for example, has the business incorporated or been formed into a LLC?)
  • Is the nature of the business basically the same? Are there operations or divisions that have been discontinued?
  • Is your building insured to value? This is very important if there is a coinsurance clause.
  • Has your personal property total increased or decreased in the last year?
  • Have you made improvements to your building such as a new roof or installation of a sprinkler system? These may qualify your property coverage for a credit.
  • Have your payrolls or sales changed since last year? General Liability is often rated on one or both of these exposures. Workers Compensation is rated on payroll.
  • Have you removed or added vehicles and not advised your agent? Have you hired new drivers?
  • How old are the vehicles in your fleet? If some of your vehicles are over 10 years old, you may want to consider dropping physical damage coverage on them.
  • Is your business eligible for a drug free workplace discount on your Workers Compensation policy? If so, submit the paperwork to your agent.
  • Finally, do you need additional coverages such as Employment Practices Liability, Cyber Liability, Employee Theft, or Professional Liability?

Your independent agent is there to assist you with making sure the renewal process goes smoothly and that you are protected.  They may even have a renewal checklist that will come in handy.  Take some time before your next renewal to consider these renewal checkup questions.

https://blog.central-insurance.com/2016/08/18/does-your-commercial-renewal-policy-need-a-renewal-checkup/

The Benefits of Working with an Independent Agent

After a lot of saving and planning, my sister and her family bought their dream home. Sadly, a storm damaged their roof, and she’s had difficulty resolving her claim.

The benefits of working with an independent agent

Holiday Classic Scholarship Golf Outing

Wayde Davis and Kim Schultz had a perfect day to work at the Holiday Classic Scholarship Golf Outing yesterday. The event was held at Piqua Country Club and was hosted by WPTW. All the money raised by the event goes toward scholarships.

Wayde and Kim - Holiday Classic golf outing

Wayde Davis and Kim Schultz had a perfect day to work at the Holiday Classic Scholarship Golf Outing yesterday. The event was held at Piqua Country Club and was hosted by WPTW. All the money raised by the event goes toward scholarships.

Welcome Brian Bensman

Brian3

Koverman Staley Dickerson Insurance is excited to announce a new member of our team. Brian Bensman joined the agency on May 16.
He brings with him 14 years of experience in the insurance industry.
Brian grew up on a farm in Shelby County and currently resides in rural Miami County with his wife Catherine and son Adam.
In his free time he enjoys spending time with his family showing animals across the state, playing volleyball and helping others.

Business Income Coverage Can Save Your Business

While most business owners are aware of the importance of insuring their buildings, personal property, and commercial vehicles, they often overlook a very important coverage – Business Income Coverage. For starters, it can be confusing to determine a coverage limit. And how does coinsurance work? What does the Period of Restoration mean? Here are a few talking points to discuss with your independent agent so you can be assured you’re purchasing the appropriate protection.

business interruptoinWhile most business owners are aware of the importance of insuring their buildings, personal property, and commercial vehicles, they often overlook a very important coverage – Business Income Coverage. For starters, it can be confusing to determine a coverage limit. And how does coinsurance work? What does the Period of Restoration mean? Here are a few talking points to discuss with your independent agent so you can be assured you’re purchasing the appropriate protection. Read More