The owner of an insured business in Texas can replace their business liability insurance by notifying their insurer. Before replacing business liability insurance, it is advisable to consult with a licensed Texas commercial insurance agent.
To replace a business liability insurance policy with the same insurer in Texas, a business owner or their representatives can do the following:
If the current insurer does not offer the required coverage, the business owner or representatives may need to shop around for the needed coverage.
If a business owner finds a better commercial liability insurance deal in Texas and wishes to replace the current plan, they may take the following steps:
In Texas, an insured business can switch its business liability insurance to another insurer. However, the business owner or representatives should consult with a Texas-licensed commercial insurance agent for professional advice before making a switch. Agents are often aware of the best business insurance deals, discounts, bundling opportunities, and policies, making them best suited to help with switching insurers. A business may want to switch insurers for any of the following reasons:
If an insured business switches business liability insurers in Texas, it will get a new policy with new terms and exclusions that may be quite different from the previous insurance company. The business owner must ensure to understand what changed in the new policy and how it will affect their business. If unsure about certain details in their new policy documents or have questions, business owners or representatives can engage the new insurers and/or a qualified commercial insurance agent for clarifications.
Although many insurers in Texas do not impose a penalty for early cancellation, some insurers may charge a cancellation fee if a business does so. Before consenting to a policy, ensure to understand the cancellation conditions. Save this, switching business liability insurers has no other major consequences. Before making a switch, it is crucial to seek guidance from a licensed commercial insurance agent.
Yes, an insured business can change its business liability insurance company at any time. However, it is essential to employ the services of a Texas-licensed commercial insurance agent to avoid costly mistakes. If an insured business cancels its business liability insurance with an insurer too early, it may have to pay a cancellation fee.
If you have further questions about commercial liability insurance, speak with a licensed and knowledgeable commercial insurance agent.