Business Insurance

Business Insurance

HAVEN’T REVIEWED YOUR BUSINESS POLICY LATELY?
FOUR REASONS YOU SHOULD BE

Businesses change drastically as the years go by, has yours been getting the due attention it deserves? 40 percent of small business are either uninsured or underinsured and are at risk of paying out of pocket for damages in the event of a loss, said by a business management consultant recently.

To avoid this potential gamble with the future of your business, be sure to review your business insurance policy routinely to ensure you have the coverage you need. Just as your business changes over time, so do insurance policies adjust and adapt. Risks that can cause them to fluctuate can include your number of employees, owned assets, location, services, and more. This is not a set-it-and-forget-it plan.

A policy review can not only help you find these coverage gaps, but can identify any mistakes you have originally overlooked, and uncover possible discounts that might be available for the taking.
Remember a few key events that will always spark a policy review:

ADDING NEW EMPLOYEES
A new employee means growth for your company, yet it also could mean it’s time for additional workers’ compensation coverage. Make sure you won’t need to worry about those medical bills in case your prized employee gets hurt while on the job.

ADDING NEW SERVICES
New services to meet the ever-growing needs of the consumer can be great for your bottom dollar and PR, just be sure all that new equipment or delivery vehicles have professional liability coverage.

NEW LOCATIONS
A new store front or expansion is amazing! Just remember your new inventory and equipment, not to mention the signage and property you will need to cover as well.

NATURAL DISASTERS
You never know when they might strike. Hurricanes, earthquakes, floods, and fires remind us to double check for natural-disaster coverages. It’s better to be safe than sorry, so be sure to plan for these events and have your emergency-preparedness plan in place for your business as well.