Can You Adjust A Business Insurance Policy Instead of Canceling It?

Can A Policy Be Modified Instead Than Canceled?

Sometimes, you can achieve the desired outcomes without canceling your policy. These are the situations in which you should cancel an insurance policy or modify your coverage:

When To Terminate An Insurance Policy

Suppose you sell your commercial vehicle and do not intend to drive for business purposes in the future. Suppose you no longer own the vehicle, will not purchase a replacement, and will not use a different vehicle for work purposes. In that case, you may wish to inquire about canceling your commercial auto policy.

When To Modify Your Insurance Coverage

If you replace a vehicle or acquire new equipment, speak with your agent, who will ensure that your business auto and property insurance policies are updated to safeguard your new assets.

Additionally, relocating your firm to a new location does not mean you no longer require coverage. Even if you're moving to a smaller space (for example, to conduct your business out of your house), it's best to contact your agent to alter your commercial insurance to meet the requirements of your new location.

Lastly, if you're nearing the end of a policy's term, you can consult an insurance broker about the cancellation conditions to find ways to save money while maintaining complete coverage. Consider a greater and lower deductible or a smaller deductible and higher premiums. Remember that if you increase your deductible, you may need to maintain a larger emergency fund.