When you purchase a commercial insurance policy, you are making an investment in protecting your business. Commercial insurance policies are designed to cover a wide range of risks that businesses face, including property damage, liability, loss of income due to unexpected events and more.
To ensure that your insurance policy remains up-to-date and provides adequate coverage, insurance companies often require annual financial reporting and inspections. These requirements help insurers assess the risk associated with your business and make sure that your policy is priced appropriately.
So, what items can you expect to provide to your insurance company annually? Here are a few things you may have to provide:
- Financial statements: Most insurance companies will require you to submit financial statements, such as a balance sheet and income statement, on an annual basis. These documents provide insight into the financial health of your business and help insurers assess your risk profile.
- Loss history: Insurance companies will also want to know about any losses or claims that you have filed in the past year. This information helps insurers understand the types of risks your business faces and whether your policy needs to be adjusted.
- Property inspections: If your commercial insurance policy covers property damage, you may be required to have an annual property inspection. Insurers want to make sure that the insured property is in good condition and that there are no hazards that could increase the risk of a loss.
- Safety training: Some insurance policies require that business owners complete safety training on an annual basis. This training helps reduce the risk of accidents and can lead to lower insurance premiums. Back to work program/Return to work program (your carrier may even offer a program of some kind (website training, online videos)…Loss control (reason)
- Business updates: Finally, you may need to provide updates about your business operations, such as changes in ownership, new or expanded products or services, significant changes in revenue and/or payroll, or changes to your business location. These updates help insurers understand how your business is evolving and whether your insurance needs are changing. (Class Code- windows and doors to roofing and gutters/garage doors)…
Buying a commercial insurance policy is an important investment in protecting your business. To ensure that your policy remains up-to-date and provides adequate coverage, you will likely need to provide your insurance company with annual financial reporting, loss history, property inspections, safety training, and business updates. By staying on top of these requirements and staying in touch with your Rathbun Agent, you can help reduce the risk of unexpected losses and ensure that your business is properly protected.