Every business goes through changes including growth, new products or services, or equipment upgrades. If your business has experienced any change it might be time to have business insurance and risk review.
New Products Or Services
If your business is providing new services or is selling new products it will be important to make sure your business insurance covers these changes. For example, if you are a contractor and are now providing plan review services, you will need Professional Liability Insurance.
With employment changes always comes the need for Employment Practices Liability Insurance. If you have added new classes of employees, your workers’ compensation coverage will need to be updated.
If your business has purchased new computers, office equipment, or machinery you may not have enough property insurance coverage. Your Property Insurance premium varies depending on the type and volume of hardware/software you buy.
Change In Ownership
Often businesses have a change in ownership. It could be the death of a shareholder, divorce involving one of the shareholders, or your business may have added a new partner. Whatever the case, these changes need to be addressed with your agent and insurer. If you do not have Directors and Officers insurance, now may be the time to consider this coverage.
Remember that when things change in your business, one of the first things to consider is how those changes will impact your risk coverage.