Do you have enough business insurance to cover every important thing should a catastrophe strike? When you started your business, you went to your agent, discussed the possibilities and your options, then chose your insurance policies. You’ve probably been renewing them every six months without thinking about it, but what happens if things have changed over the years? You may not have enough insurance coverage right now.
The world is ever-changing and so are your insurance needs. Here are six reasons why you should review your policies today.
1) Your Business Has Expanded to Multiple Locations
If you have more business locations than you previously did, you’ll have to have insurance coverage on each space. For example, if your company started with a combination warehouse and office space, then turned into one larger warehouse with a separate office building across town, you may not have the insurance that you need on your physical properties.
2) Regulations Have Changed
It seems as though states, counties, and even local governments are always updating their regulations. If they’ve changed the minimum amounts and types of insurance that businesses like your need to have, then you have to comply, or you could end up in legal trouble. This is where contacting your insurance agent is useful because they know all of the legal regulations and can help you get into compliance.
3) You’ve Hired More Employees
As your company grew, you no doubt hired more workers to meet its needs. However, have you made sure that you have enough workers’ compensation coverage? Do your employees need additional insurance, like healthcare coverage? Now is the time to make sure that all of this is in place.
4) You Have Additional Company Vehicles
Businesses often have vehicles, whether they’re delivery trucks, cars used to make sales or client calls, or for any other reason. Remember that when you’re driving those vehicles for business needs, your personal auto insurance doesn’t cover them. Each time you add a new vehicle to your company’s convoy, you need to ensure that you have a commercial driver’s policy for it, just in case.
5) Your Overall Operations Have Changed
Have you added on new services as your business expanded? For example, a restaurant that started offering a delivery service on top of their takeout and in-building options may need to insure their new operations. In this particular case, you might need additional liability insurance, as well as commercial auto insurance policy on any of the vehicles that your employees use to deliver food.
6) Your Business Has Changed Direction Entirely
Sometimes, things happen organically as businesses expand and grow. If your company started out as a simple warehouse operation and now has a series of stores located throughout your geographic area, then obviously, your insurance needs have changed as well. You’ll need to make sure that your insurance changes along with your business, lest you end up short on the coverage that you and your company really need should something happen.
Need to review your business insurance coverages? Call our team at Charlotte Insurance today, and we’ll be happy to help ensure your business is fully protected and all your insurance policy needs are met.