My Account
Get Directions
There may come a time when you decide to move your business to a new location. Taking this step involves many changes, including addressing your commercial insurance needs.
Does relocating impact your commercial insurance? Gill Insurance Advisors in Plainfield, IN has the answers.
Commercial Insurance After Moving to a New Location
Your business’s commercial insurance policy is specific to your current location. The policy provided by Gill Insurance Advisors applies to your storefront, warehouse, office, or other building at its designated address.
If your business relocates, it is essential to notify your insurer. In some cases, the insurer may transfer the policy to cover the new address. However, the insurer may cancel the existing policy and require you to purchase a new one.
Why Location Matters for Insurance
Insurance policies are written based on details such as physical addresses. Each location presents unique risks that may not exist elsewhere.
Relocating to a safer area or a less densely populated region may reduce your commercial insurance premiums. Ultimately, the risk associated with the new location and the property’s size are key factors in determining coverage and costs.
Communicate With Your Insurer
Notify your insurer of the move before relocating. Providing advance notice allows your insurer to assess the risks associated with the new location and ensures you have an updated policy in place when the transition occurs.
Policy Changes Are Likely
While your insurer is unlikely to cancel your policy immediately upon receiving notice of the move, changes to the policy are likely. Premiums may increase or decrease depending on the new location.
Additionally, you may need to adjust the type of coverage. If your business relocates to a different state, a new policy may be required because many insurers limit coverage to specific states.
Get Your Quote Today
If you need commercial insurance, contact Gill Insurance Advisors in Plainfield, IN at 888-347-8134. Our team will provide personalized coverage information and a customized quote tailored to your business needs.