It’s safe to say that the coronavirus has wreaked havoc with small and large businesses. As a result, you may be looking for ways to save on your business outgoings in order to keep it afloat. If you’re thinking about canceling your commercial insurance policies to save money, there are a few things you should consider.
What to consider before you cancel your commercial insurance policy.
You won’t get a refund. The premiums that you’ve paid so far will not be returned to you. Most insurance companies have clauses in policies that state that they will not refund you if you cancel early, and you may even have to pay to make up the rest of the policy amount.
You will have gaps in coverage. If you cancel your commercial insurance because your business is shut for a few weeks or months, you will have a gap in coverage when you next come to take out a policy. Insurers see this as a big red flag, and may charge you more in premiums because of this.
Talk to your insurer. If you are struggling to pay your insurance, talk to your insurer about ways to save and how you can retain coverage without canceling.
Working with the right experts can help you find the commercial insurance to suit your needs and business. Contact the industry experts at C.V. Mason Insurance Agency in Bristol today to get started on your tailored coverage.