NH Commercial Insurance Renewal

A lot has happened over the past year. The many ebbs and flows a business goes through may mean your coverage is no longer adequate, or perhaps better pricing is available. Look for these changes that warrant a review of your NH business coverage before signing up for another policy year.

As a NH 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 NH Business 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.

Consider these changes and review any that apply to your NH Business, 60 to 90 days in advance of your insurance Policy Renewal:

• Has the name of your business changed or are there any new Doing Business As (DBAs)?

• 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?

No two policies are alike, which is why it’s important to discuss the specifics of your NH Business Insurance policy with an agent.

Renewal Around The Corner?

Remembering to contact an agent 60-90 days before your renewal? That’s another task on your plate.

So let us know your renewal date now! We’ll make a note of the date and follow up to discuss your renewal options, and available savings at the right time.

Contact me closer to my policy renewal date to review & quote my coverage.

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Post authored by John Carroll. Originally published August 18, 2016. View original post at:  http://wp.me/p1Iv7E-2e3

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