How Often Do I Need to Upgrade My Commercial Insurance?

If a person wants to ensure their business has the proper insurance coverage, it’s crucial they review it every year. While the process may be time-consuming for many business owners and make it tempting to renew their current policies automatically, it’s important to consider this carefully. If things have changed over the past year, there is the risk that the business will be underinsured or that they will wind up overpaying for the coverage needed. 

If you need help to determine if your commercial insurance is adequate in Chicago, IL, then NCIB Group Inc. can help. Additional information about renewing your coverage and when the time to do so can be answered by our agents.

Your Business Has Moved to a New Location 

If you move from your home office to commercial office space, expand into a new location, or open a new office, all this will trigger the need for changes in your business owner’s policy or your general liability insurance. In some situations, insurance rates may go down significantly – this is especially the case if your new location is smaller or if you have modern safety features – such as a wired alarm or a sprinkler system. 

More or Less Employees 

If the number of people you have employed has changed, it may require you to update your workers’ compensation coverage. In Chicago, it’s necessary for you to purchase insurance when your very first employee is hired. As people come or leave your employment, you should adjust your workers’ comp coverage to ensure everyone is covered and that you aren’t paying for insurance you don’t need. 

When it comes to commercial insurance, you can’t take chances. Instead, make sure your Chicago, IL company is protected with our help at NCIB Group Inc.