One of the first things that the owner did after launching the new business was to secure business insurance in Wichita KS. For the past several years, those premiums have been made on time every time. With the coverage up for renewal, now is a great time to review the provisions and determine if the current policy is still sufficient. Here are some points to consider while the review takes place.
What Has Changed?
The business is in a very different place these days. The client base has expanded, and the amount of products supplied to the customers increases every year. Even the range of products is much more diverse than when the company started. Given the growth that has occurred, is the current business insurance in Wichita KS still enough? It may be time to take a second look at the limits on certain aspects of the policy and project how well they would cover losses from different types of events. If the scope of coverage is still enough, there is no need to do anything other than continue paying the premiums. When additional coverage is needed, a word with an agent is in order.
Lowering the Deductibles
When the company was launching, every penny counted. That prompted the owner to go with higher deductibles as a way to preserve cash flow for other aspects of the operation. With the business operating at a profit every quarter, it’s now possible to lower those deductibles. While that will mean paying a higher premium, it also means less of a drain on company resources if a covered event should take place.
If it has been some time since the current policy was evaluated, why not set aside some time to go over the terms and conditions carefully? Talk with the team at Andy Woodward Insurance about the current scope of coverage and determine if the plan still provides an adequate amount of protection. Should some type of adjustment be in order, the team can help the business owner decide what needs to change, identify limits that do provide a reasonable amount of protection, and ensure the business is prepared for whatever may come to pass.
