Do You Need to Adjust Commercial Insurance Annually?

Posted on May 30, 2025May 19, 2025 by agentinsure

The business landscape is ever-evolving. There may be periods when your business thrives, leading to higher profits and opportunities for investment and growth. Conversely, there may be times when your business faces challenges, requiring you to be more strategic with your resources. Given these constant changes, it’s logical to ask: Should your insurance adapt too? More specifically, should you adjust your commercial insurance annually? Here’s why doing so can be beneficial, and how you can ensure you have the appropriate coverage with our assistance at Phil Klein Insurance Group in West Bloomfield, MI!

Is Annual Adjustment of Your Commercial Insurance Necessary?

Like every other aspect of your business, you should evaluate and adjust your commercial insurance annually. The reality is that things can change rapidly within a business, and you could easily find yourself either overpaying for coverage or underinsured because you’ve acquired new assets or hired new employees. For instance, you might be downsizing yet still paying to insure a larger building. Conversely, you might be underinsured if you’ve expanded operations and purchased a new location. Regardless of the changes that occur in your business over a year, reviewing and adjusting your commercial insurance annually provides the reassurance that you’re adequately covered and paying a fair amount for that coverage.

Secure Your Business With Phil Klein Insurance Group

Do you still need to shop for commercial insurance? If you’re looking to cross that task off your to-do list, start here with Phil Klein Insurance Group in West Bloomfield, MI! We make finding and comparing policies straightforward. Compare quotes with our assistance today!

Renting a Stand-Alone Commercial Property vs. a Subsidized Unit

Posted on February 28, 2025February 13, 2025 by agentinsure

As a business owner, you’ll encounter two different commercial property types when looking for a place to rent. You can choose between a stand-alone property or a unit within a shopping mall. Both options have their pros and cons.

Maintenance Requirements

If you own a stand-alone property, you are responsible for maintaining the parking lot, lawn, and building you rent. However, if you rent a unit within a shopping mall, you share a parking lot, parts of the building, and other areas, which is the landlord’s responsibility. This can ease the burden of your maintenance needs and be an excellent option for a new business.

Reputation Concerns

When you rent a unit in a shopping mall, you may have reputation concerns if a business in the mall has poor clientele or questionable business practices. Your reputation as a location and mall can either deter clients or attract them if a popular business is located in the same area. It’s a risk you take with units within a shopping mall, but it can sometimes be beneficial.

With a stand-alone business, you can create your own reputation and manage your space so that you don’t have unwanted guests lingering in the area and bringing in unwanted attention.

Rent/Leasing

The cost of a stand-alone commercial property is usually much more than a unit within a shopping mall. If you have an established business and can afford this type of rent, it’s the ideal way to go. For small and new businesses, cheaper rent with units within a shopping mall is probably the best place to start until you can build up your clientele.

If you need more information on commercial insurance in the surrounding areas of West Bloomfield, MI, contact our agents at Phil Klein Insurance Group. We can get a quote for your business on the policy you need today.

What Kinds of Businesses Need Commercial Insurance?

Posted on December 16, 2024December 13, 2024 by agentinsure

If you’re in the West Bloomfield, MI area and operating or planning to start a business, Phil Klein Insurance Group is here to help. We know you probably have many questions about commercial insurance, and we want to ensure you’re getting the right policy for your needs. Whether you already have one and need to make changes, or you’re planning to get one and don’t know where to start, our agents are here for you.

Finding the Right Policy for Your Business

There are many different types of businesses that don’t all need the same kinds of commercial policies. You might not need a commercial policy if you have a home-based business that doesn’t see clients or customers in person. For most companies, though, commercial coverage is the right choice. Our agents will help you find the best protection for your needs by ensuring you get a policy that fits your business and its goals.

It’s Important to Review and Update

Reviewing and updating your policy matters and working with an agent makes that much easier. You don’t have to guess whether your policy is the right one or whether you have a level of coverage that fits. We’ll ask the right questions and make valuable suggestions so you can keep your business on track.

Get in Touch With Us Today

Contact us at Phil Klein Insurance Group today if you’re in the West Bloomfield, MI area and looking for commercial insurance. Our agents are happy to help you find a new policy, update your current one, or review it to make sure you have what you need. We’ll answer your questions and ensure you’re getting the right support, so you can build and grow your business confidently.