Insurance is crucial if you want to launch a start-up or continue running an already established business. It protects your assets and the whole business, so once your cover elapses, you should renew it as soon as possible. Some forget about their insurance, and others fail to make payments on time. Whatever the reason, it is not unusual for business insurance Calgary to expire. There are implications of an expired business insurance policy. So what should you do when it expires?
Check Any Changes in Your Inventory and Services
After 12 months, your business should have some changes. Sales or inventory should increase. This means the cost of your business insurance Calgary policy increases. Consider anything you have added to the list of your products or services. For example, getting commercial property insurance for a warehouse footprint or an auto policy is important if your business involves delivery services.
Inform Your Insurance If You Have Moved To a New Location
You can move to a new location to increase sales and efficiency. If you changed your office or workplace, inform your business insurance Calgary broker. Insurance companies consider a business location when determining your most appropriate annual premium. The premium will likely decrease if you have moved to a safer area or added safety measures to your business.
Besides, if you add some extensions to your current business building, your general liability insurance policy will be re-examined. So, inform your license broker about any location or premises changes.
Additional Equipment
Technology evolves constantly, so getting new machinery and computing systems is a good idea. The new equipment needs protection, so you should have sufficient cover. Let your insurance provider know about these new tools or equipment pieces. If you already have a business insurance Calgary policy, increase the coverage limit to protect your investment.
Online business protection
During the covid19 pandemic, most businesses shifted to online trading. You need cyber liability insurance coverage if you are now conducting your sales or services online. It covers any business operating online against property damage, illnesses, or injuries a customer may suffer from a product you sell.
Increase or decrease in annual revenues
Tell your insurance broker if sales have increased and you are making more profits. You should improve protection by getting the right business insurance Calgary. Insurers consider factors such as your projected annual revenue when determining your policy cost. Also, let the broker know if your annual profits have increased.
Does a business insurance cover have a grace period?
Your business insurance comes with a specified grace period, which means you are still covered. However, any damage or injury in your store or office is your liability after the grace period. If you fail to make your payment within this period, your insurer will likely cancel the policy. This leaves your business unprotected against customer injury, property damage, and other liability. Besides, you may be fined before the policy is reinstated.
Avoid frequent cancellations due to non-payments for business insurance premiums because you may be blacklisted by insurers or get charged more. Set up automatic payments or pay your premiums in full to ensure you do not wait until the grace period elapses.A business insurance Calgary cover is an essential part of your investment. It is easy to overlook it to save money. But, you put your business at high risk in case of an accident, fire, or anything that may cause losses. If you want the best for your investment, business insurance should be at the top of your list of business essentials. Of course, don’t wait until your business insurance expires. However, if it does, consider the tips above and renew it as soon as possible.