As a business owner, it is essential to prioritize tasks to address the most critical issues first. One important task is ensuring your business is adequately insured. Below are trigger events that should prompt a review of your commercial insurance. If you live in or near Pittsburgh, PA, and need to review your commercial insurance coverage, contact the team at Daniel Carinici Agency LLC.
Business Changes Require Commercial Insurance Reviews
Your commercial insurance needs vary with your firm’s size, legal structure, industry, and other factors, and they can change due to numerous circumstances. As a business owner, you should review your insurance needs annually and when specific events occur.
Annual Review
After completing your fiscal year or tax cycle, you should review your insurance coverage to account for changes in revenue, inventory, asset changes, and industry regulations.
Specific events that should trigger a review when they occur include:
Business Changes
Adding new products and services not named in your policy or acquiring or updating facilities and equipment
First or New Employees
Adding employees affects your need for and amount of Workers’ Compensation Insurance. If those new employees handle money, you should acquire fidelity bonding insurance, and if those new employees require additional vehicles, you should update your commercial vehicle insurance.
Business Structure Changes
An insurance review is required when incorporating or making other legal changes to your business structure, including mergers and acquisitions.
New Clients and Vendors
Adding new clients or suppliers can bring new contractual obligations affecting your insurance coverage.
Keep Your Insurance Up to Date with Daniel Carinici Agency LLC
The Daniel Carinici Agency LLC team provides personal and commercial insurance services in and near Pittsburgh, PA. Call (206) 315-7984 today to discuss your company’s insurance needs.
