Every business wants to protect their assets and operations, and most states require this type of insurance as protection against possible emergencies or accidents. Also, while you may have established a good working relationship with your various insurance providers, the time might come when you should consider changing your business insurance coverage.Reasons for making the changeAt some point, you many become concerned because the premiums seem to increase for no apparent reason, or perhaps you were dissatisfied when you attempted to settle a claim with your insurer. In addition, your coverage requirements might have changed, either because of expansion or the current economic downturn.You might also discover that some other plan fits you needs much better than the one you have now-or it may provide better benefits and premiums that are more affordable. Once you have done some “comparison shopping” and weighed the pros and cons of various plans, you may decide that you have to make the switch as soon as possible.Here are some steps to take once you have made that decision:Begin by contacting the representative of your current insurance company, mention that you have done your due diligence, and explain that you are going to change plans. It is best to do this in writing, rather than over the telephone, and don’t cancel your insurance at that time. Armed with the information you have provided, they may be in a position to make you a counteroffer that is even better than the new one you were considering.If that doesn’t happen, get in touch with your current insurer and select a date for closing your account and ending coverage. This should also be done in writing to avoid policy disputes and legal problems where verbal agreements won’t hold up.Contact your new insurance company, fill out an application, and establish the coverage terms, premiums and start date related to your new policy. Ideally, you will want your new coverage to be in force at the same time your old policy expires. Since that is not always possible, you may have to settle for a month with overlapping coverage as a period of transition, but there should never be a time when you have no coverage whatsoever.Note that, depending on the type of policy you have, you may be penalized if you terminate your coverage before the policy expires, which can be expensive.Making the transition from one insurance company to another can be complicated, but you always want your policy to be customized to suit your company’s needs. This may involve trimming away coverage you no longer need or adding new protection due to a change in circumstances.