Business interruption insurance can be replaced in part or whole by informing the insurance provider. It is best to engage the services of a Texas-licensed commercial insurance agent before replacing a business interruption insurance policy. An experienced agent can advise you on which coverage can be better to switch to.
To switch from a business interruption insurance policy to another:
Confirm with the current insurer if they can meet the new business interruption insurance needs. If they can’t, then proceed to the next step.
The representatives of the insured business should notify their insurer of the intention to make a switch. This can be done by email, telephone, a dedicated online portal, or through a commercial insurance agent.
Look for alternative insurers, speak to commercial agents, and compare plans you find.
Once a new insurer has been found, make sure that its new plan is in place before canceling the previous coverage to ensure there is no gap during the process.
Speak with a knowledgeable Texas-licensed commercial insurance agent if you are thinking about switching from one provider to another.
Speaking to a licensed insurance agent is the best option when considering replacing specific aspects of a business interruption insurance policy in Texas. This is because the agent will be able to assess the business needs objectively. However, if the business owner or representative wishes to replace a business interruption insurance without an agent, they can inform the insurance provider directly. If the current policy provider does not offer coverage for the business’s unique needs, it is time to shop for a better deal from other insurers to replace the current one.
There should be a better and ready deal to replace an active business interruption insurance policy before canceling the current one in Texas. Finding a better deal involves:
Conducting proper research of business interruption insurers and the insurance premiums from each insurer
Comparing all available options by costs and coverage
Filling out the application for new coverage with the prospective business interruption insurance provider
Canceling the current insurance policy to avoid a policy overlap. It is also essential to ensure the new policy is in place to prevent a gap in coverage
Once a business finds a better deal, the owner(s) or representatives should not cancel the old coverage until the new one is in place to avoid having gaps in coverage.
Yes, an insured business in Texas can switch its business interruption insurance provider to another. It is best to consult with a Texas licensed commercial insurance agent for assistance when making a switch, as agents are well informed of the discounts and the best/affordable policies available locally in the industry. A business can make a switch for any of the following reasons:
If the business has recently moved to another location within Texas
If there are changes to the business like a new subsidiary
If the income of the business has changed considerably
If there is a better deal than the current business interruption insurance policy held by the business
If your current policy provider has subpar customer service
A Texas-based business will get a new policy with new terms and agreements if it changes business interruption insurance companies. These terms may differ from the previous policy, so it is best to properly review the new policy and understand how it is different from the other one. If there is any gray area in the new policy document, the representatives of the insured business can consult with the insurer or a licensed insurance agent to clarify.
While making a change, the losing insurance provider may charge a cancellation fee. Ask a licensed insurance agent for advice before switching to another company.
Yes, businesses in Texas can switch business interruption insurance companies at any time. However, it is best to consult with a knowledgeable Texas-licensed commercial insurance agent before changing insurance providers.