In a recent blog, we discussed some of the most important changes that impact your personal insurance. This included things like home renovations and driving for a delivery service, among others.
This week, we’re sharing the commercial insurance considerations that may affect your coverage. The following are a number of scenarios that should trigger a phone call or an email to your broker.
– Change in Address – whether it is just the mailing address that has changed, or you are moving into a new or additional location, your insurance broker needs to know.
– Vacant Buildings – if your tenant moves out and a new one doesn’t move in right away, or you move out of one location and it is unoccupied or vacant for a time, advise your broker. Your coverage can be affected if there is a loss and you haven’t advised that the property was vacant.
– Change in Operations – if you add new products or services, let your broker know. If you expand your business and your revenue is increasing due to new customers or offerings, that can affect your insurance policy and rating.
– When You Sign New Contracts, whether with customers, landlords, etc., send a copy to your broker before you sign, so it can be reviewed for the insurance implications. Do you have the limits of insurance in place, as well as the coverages, that you are contracted to have?
– Additional Insureds – if you are required to add a party to your insurance policy as an additional insured, you will need to advise your broker so that a certificate can be provided, and your insurer is notified.
– Purchase of new office contents or equipment – don’t forget to let your insurance broker know so that limits can be reviewed to ensure they are adequate.
– Renovations to your building or leased space – be sure to let your broker know – they may need to get permission to renovate from your insurer, or put a course of construction policy in place, depending on the amount of work being done. As well, you want to ensure that building limits remain adequate (if you are adding an addition, for example). If you are renovating leased space, you will have to ensure that the cost of the improvements are insured, as your landlord will likely not be responsible for those improvements at the time of a loss, depending on your lease.
– Purchase of New Vehicles – be sure to let your broker know, preferably before you take possession of the vehicle.
– Removing Vehicles or Equipment – don’t forget to let your broker know when you sell or scrap vehicles and equipment – this can save you money!
– New Drivers – be sure to advise when you hire new drivers so that they can be added to your auto policy.
– Removing Drivers – when drivers leave, don’t forget to let your broker know. This can also save you money!
This list is not all inclusive but represents some of the most common changes that can affect your insurance coverage. It’s important to keep your insurance broker informed of any significant changes in your life so that they can help you adjust your insurance policy accordingly.
Any questions? Please reach out to your Staebler Commercial Broker today.
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Staebler Insurance is a general insurance broker specializing in auto insurance, home insurance, small business, and commercial insurance. Staebler brokers proudly serve Kitchener, Waterloo, Cambridge, Guelph, Stratford, Listowel, Fergus, Elora, Wellington County, Perth County, Waterloo Region and southern Ontario. Click here to get started.