We all know that while paying bills is not anyone’s favorite thing to do, we have to do it nonetheless especially when it comes to your business. And your insurance premium is one of the most important bills of all. If you miss a payment for your business insurance, your business may be missing more than you think.
If you do not pay your insurance premium on time according to your policy agreement, you will risk being canceled for non-payment. That means that you will not have coverage for all those unexpected issues that could possibly arise. Not only that, but you could risk being fined for not having the insurance that the state requires in order for you to run your business. In some cases, you may be able to have your policy reinstated if you pay within a certain period of time. But in other cases there is no grace period.
Once your policy is canceled for non-payment your insurance profile carries that information for quite some time. When reviewing your business for insurance, an underwriter will be able to see that non-payment for up to three years after it occurs. That is a long time to have a mark on your business record. It could affect a carrier’s decision to insure your business and the rate you could receive.
So in order to retain the coverage your business needs, make sure you keep on top of the bills when they are received. If you are concerned about making payments on time or think your premium could be a bit lower, be sure to give us a call. We can work on getting you the best policy at the best cost for you and your business. We can also be sure your payment schedule will fit your business’s needs so you can pay without worry of being canceled for non-payment.