The State of Texas is slowly reopening and many of us are starting life again with a new normal. This is especially true of business owners across the state. While the rest of 2020 remains uncertain, we have compiled a list of questions pertaining to your business and insurance coverage. We hope you find these points beneficial as your business resumes operations.
- Has your property recently moved to a new location? Find out what the premium estimates are before you make the change.
- What are your sales projects for the remainder of 2020? Will this affect your insurance?
- What will you charge for rent be during the coming year? This generally does not get updated as much as it needs.
- What will your payroll be for the coming year? Workers compensation plans have premiums based on payroll. Have your payroll projects changed?
- Will you be adding or removing any vehicles or different types of vehicles? Only delete them after they have been sold but make sure to delete them from your insurance.
- Will you be buying or selling outside of your trade area or state? These differences can result in larger changes on your insurance and may require licensing requirements from your insurance agent or carrier.
- Will you be substantially changing the scope or type of your business? Your insurance may not automatically cover these changes.
- Did anything change in your business that will affect your insurance?
- Will your building values and stock values change or need to be updated?
- As your business grows or changes, you may need a review of your limits of liability. You may need to consider getting an umbrella policy.
- Is your health insurance adaptable with your business changes?
- Are any locations vacant? You may need amended them to continue your coverage
At Ramey King, we hope these lists of questions offer food for thought as your business resumes operations for 2020. As always, we are here to help you adjust and meet the new demands required of you. Contact us today with any questions!