When Should I Get Business Insurance?
Feb 25, 2021
When does my business need insurance?
There is always a right time for everything; yes, for even business insurance. Our team of experts believe that it is critical that you get business insurance before you start your operation. We'll break down for you: when to start looking for insurance for different businesses and the time taken to complete the paperwork for getting a new insurance policy or make changes to an existing one.
When Should I Get Business Insurance? Timelines for Getting Business Insurance
Our Foxquilt team have noted in their years of experience that customers often fall into two general categories - those who start looking for insurance months early and those that start looking for insurance months late. Like most things in life, it's better to not procrastinate! The more time you have to research before you absolutely need to start your insurance policy, the more choice you will have available in the market and the less stress you'll have.
Business owners often realize they should have already had insurance when they're in the midst of signing a lease, beginning a new partnership or growing their team. All of these situations are already time-consuming and can often be stressful so knowing you already have Business Insurance is one less task on your plate. You also look trustworthy and prepared when you can immediately present your insurance policy.
Generally, two weeks is the perfect amount of time to ensure you purchase the right insurance policy available for your business. In most instances, Small Business Insurance can be wrapped up in less than 72 hours but having additional time only further ensures the policy is the right fit.
For small business renewals, we recommend starting 60 days before renewal so that everything is wrapped up 30 days prior to renewal.
For medium to large businesses or those with complex business operations, we recommend 90-120 days before renewal to ensure time is on your side.
When Should I Update My Business Insurance? Timelines for Making Changes to Existing Policies
Changes can be made to your policy at any time. The premium for changes is proportional to the remaining amount of days left on the policy. Changes to policies generally include change in location, change in limit and change in coverage.
Not all businesses know this but it's crucial to include changes in operations in your insurance policy. If you have a change in your operations, for example, a new product or service that you are starting to offer, it should be shared with your insurance provider.
Unlike when purchasing insurance, most changes in your insurance policy can be completed within hours, assuming they're minor changes to the business.
Learn more about how growth can impact your insurance.
It's essential to get the right insurance policy for your business at the right time. This way, you don’t have to be worried about claims arising from your business operations without the support of the right Business Insurance. Our team at Foxquilt can help you decide the right kind of insurance policy, tailored to your unique business needs and can help you get peace of mind. Get your quote today.
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