No business owner in Albany, NY wants to think about insurance, but it is an integral part of their business. After all, without it, they are seriously exposed to major risk. While insurance may not be the most fun and exciting thing in the world, it is an obligation that must be continue to be fulfilled in order your business to remain intact and operate smoothly.

However, once you get that policy in place, you are from done. You still need o review your coverage yearly and make sure that it still covers you sufficiently after any changes that occurred throughout the year. If you aren’t sure what changes may require that you get a new business insurance quote, here are five:

1. Employees Are Hired/Fired – When changes are made to your current staff load by any method, then your entire coverage may need to change. If you hire several new employees, then your Workers’ Compensation policy may need to be upped a notch to ensure all employees are protected if injured while working.

2. Business Relocates – If you start off in a small home office or a small office building, you may move to a large space as your business grows. Even if you are currently protected with a BOP, it’s likely that you’ll need more due to changes in security risks, natural disaster exposure, etc.

3. New Equipment – Your rate for Property Insurance will vary depending on the amount and type of equipment that you and your business use. When you purchase new pieces, it’s a good thing to consult with your independent agent to ensure everything is good. If it’s not, get it adjusted immediately.

4. New Products/Services – When you introduce a new product or service, you may need to add to your Professional Liability or General Liability Products and Completed Operations coverage to ensure that you are protected in the event that something goes wrong with your new product/service.

5. Revenue Declines/Increases – This is not by just a few bucks. If your revenue significantly jumps or declines, then you need to talk about your coverage. If you are seeing a decline in revenue, you can probably save money by lowering your premium for things that may no longer be necessary. If you re seeing a boost, then you need to make sure that you are protecting more assets.

If any of these five instances have occurred, then it’s time to give our agents a call so that we can evaluate your current commercial insurance, make the necessary changes and compare it to other available offers before settling on your new policy that will protect your business in the 12203 area.