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When To Call Your Broker About Your Business Insurance

When To Call Your Broker About Your Business Insurance

To many business owners, insurance is just a necessary evil. Perhaps your bank requires it, or your landlord, or a vendor or a contractor. You call an agent, get a quote, pay the premium and then get back down to business. While some businesses may be able to get away with this “set it and forget it” mentality, the vast majority of businesses should contact their broker when business changes occur. What sorts of changes should trigger a phone call? Let’s look at a few of them. When Buying or Selling a Vehicle While most commercial auto insurance policies do offer automatic coverage for a newly purchased vehicle, this coverage does have a time limit, usually 30 days or less. You must notify your insurance broker as soon as possible of a newly purchased vehicle to receive an auto insurance ID card. This will be required to register the vehicle and in the event of traffic stops or accidents. When selling a vehicle, you should notify your broker in a timely manner in order to reduce your premium payment. Many insurance companies will not endorse a vehicle off the policy more than 30 days after the sale but will endorse at the date of notification. You could be leaving money on the table by failing to notify your insurance carrier. When Hiring or Firing It is in your best interest to notify your insurance broker of any major changes in payroll resulting from layoffs or hiring. While most Workers Compensation policies are audited annually, a mid-year change would help offset an increase in premium at year-end. When Leasing or...