Your insurance coverage should grow and change alongside your business. Here are some key indicators that you may want to look at and make adjustments for in your coverage.
New locations. Whether it’s the first ribbon cutting or the opening of additional locations, opening up your doors comes with extra risks. General liability insurance keeps you protected against the most common claims: slips and falls, damage to another’s property, libel and slander lawsuits and more.
New equipment. While your warehouse or shop may have had some empty space at first, over time, all the crevices begin to be filled in as business begins to pick up. Between uniforms and safety and industry-based equipment, it’s important to protect your investment with proper commercial property insurance.
New hires. Workers’ compensation insurance keeps you covered in the event of workplace accidents and employee injuries. It also helps to cover any associated medical costs and lost wages and reduces your risk of encountering a costly lawsuit. Many states require carrying this policy even if you just have one employee.
New contracts. When it comes to big contracts, software and IT professionals, accountants and similar white-collar professionals require professional liability insurance. This protects you against damages potentially incurred with higher-risk professions with larger contracts. Clients may even require this coverage to do business with you so if a mistake is made, they can rest assured that remedies are paid for.
While your growth may just be beginning, it’s important to plan ahead for your success. Give us a call today to see how we can support you on your journey!