{"id":84,"date":"2021-08-16T04:00:00","date_gmt":"2021-08-16T10:00:00","guid":{"rendered":"https:\/\/www.tackettinsurance.com\/blog\/?p=84"},"modified":"2021-07-31T11:31:41","modified_gmt":"2021-07-31T17:31:41","slug":"is-it-time-to-update-your-commercial-insurance-policy","status":"publish","type":"post","link":"https:\/\/www.tackettinsurance.com\/blog\/is-it-time-to-update-your-commercial-insurance-policy\/","title":{"rendered":"Is it Time To Update Your Commercial Insurance Policy?"},"content":{"rendered":"

If you are a business owner, you already understand the importance of having business insurance. Commercial insurance is your safety net that protects your business financially from a loss when the unthinkable occurs. But when should you update your commercial insurance coverage? Well, keep reading for more insights.<\/span><\/span><\/span><\/span><\/span><\/p>\n

Every business has goals and objectives, and one crucial one is increasing its end-of-year profit, have a bigger office space and a bigger team. And it serves as an ultimate indication that your business is doing well. To that end, any change in your company should be updated in your business insurance policy to keep you fully covered. At Tackett Insurance Inc. of Memphis, TN, we have prepared for your instances when it’s time to update your policy. <\/span><\/span><\/span><\/span><\/span><\/p>\n

Change of operating location or office<\/span><\/span><\/span><\/strong><\/span><\/span><\/p>\n

If you change your office location, let’s say to a bigger space, you must update your business insurance policy. If you fail to, you risk not covering your new building or any equipment stored there. The same case should apply if you downsize your office.<\/span><\/span><\/span><\/span><\/span><\/p>\n

Change of employees<\/span><\/span><\/span><\/strong><\/span><\/span><\/p>\n

Your business insurance policy is calculated per employee headcount. If you hire more employees, you must include them in your liability protection. Similarly, if the existing employee’s exit, you should update your policy.<\/span><\/span><\/span><\/span><\/span><\/p>\n

Expanding your product portfolio<\/span><\/span><\/span><\/strong><\/span><\/span><\/p>\n

Business owners know the importance of having insurance for their products. Any defect in your products could cause injury, loss, or even death, attracting lawsuits. To that end, ensure you protect all your products in the event of a claim against your company. If you introduce a new product, you should also include it in your insurance policy. <\/strong><\/span><\/span><\/span><\/span><\/span><\/p>\n

Other reasons for updating your business insurance include:<\/span><\/span><\/span><\/span><\/span><\/p>\n