Commercial crime insurance allows a business to make changes or modify the plan to suit immediate needs. Based on budget or necessity, an insured business may deem certain coverage unnecessary and may wish to remove it to reduce cost. Making changes to a commercial crime insurance plan may affect the amount a business pays as a premium. You can make changes to your commercial crime insurance by contacting the insurance company or having the agent that sold you the coverage help with the process.
Making changes to commercial crime insurance in Texas not only adjusts the policy to suit a prevailing situation but also affects the cost of the plan. How soon the changes become active depends on the terms of the premium payment. If you are making monthly payments the changes become effective immediately, while the new changes start the following year for a policyholder that makes yearly premiums payments.
Yes, you can make changes to the coverage of a commercial crime insurance policy in Texas as long as your insurer accepts the changes you make. You can exclude inessential coverage to reduce the cost of the policy. For instance, if you are running a sole-ownership business with no employees, you may want to remove employee theft from the coverage to save costs on business operations.
Before making changes to your commercial crime insurance, you should seek the opinion of your agent or a knowledgeable state-licensed insurance agent to have an idea of the consequences of the change, if any.
You can change the following on your commercial crime insurance policy:
Named insureds and part of the coverage affected - You can add or remove covered items from the plan
Contact information - This includes address and phone numbers especially if you move residence or changed your phone number, you need to make an update to the information you gave to the insurer.
The effective date indicates the day the policy coverage will be in force or when the coverage becomes officially active. You may decide on the change date your coverage becomes active.
Your payment structure - You may decide to move from monthly premium payment to yearly payment and vice versa, but you need to wait until the next annual bill is available - to make the decision.
You can make changes to your commercial crime insurance plan by:
Contacting the insurance company and telling them the changes you want to make to your insurance plan. The insurance company will check if the changes are acceptable or not and will direct you to a company agent to help you affect the changes.
Getting help from the licensed agent that sold you the commercial crime insurance plan. The agent will call the insurance company to make the changes you desire and will process all the needed paperwork for it.
Yes, you can make changes to crime insurance coverage, but the policy will likely be restarted from scratch. If you already paid for the previous policy, the policy gets canceled and the business receives a refund of the unused portion of the premium. This refund is then applied to the new policy with the newly implemented changes. If you want to make changes to the coverage amount after paying for commercial crime insurance in Texas you have to buy a new policy or at the expiration of the current policy term. Speak with a commercial insurance professional to find out more.
Yes, commercial crime insurance allows more than one property under the same policy. It allows affiliated or subsidiary companies under the same plan. Under this scenario, the first-named company is the insured in the policy declaration. Adding more properties to your commercial crime insurance plan will raise the premium you pay for coverage. If you intend to include additional properties in your commercial crime insurance, seek the advice of state-licensed insurance.
Yes, you can remove properties from a commercial crime insurance plan if it provides coverage for multiple businesses. Removal of properties from a plan with multiple properties reduces the cost of commercial crime insurance. Contact a state-licensed insurance agent to understand how removing properties from your commercial crime insurance may impact the cost of the policy.
Without the consent of the policy owner, the insurance company cannot make changes to a commercial crime policy. The insurer does not have the right to make decisions on behalf of the insured business. If your insurer violates your right by not informing you before making changes to your insurance plan, you can contact the consumer protection at the Texas Department of Insurance or call (800) 252 3439. Also, you can seek the advice of a legal professional if you want to file a civil case against the insurance company.