As your business grows and changes, it is extremely important to update and review your insurance. There may be changes to your business that you have made that you have not realized effects what coverage your business requires. By reviewing your business insurance, you can pinpoint areas of vulnerability. Continue reading for several factors to consider when analyzing your business insurance.
Review your business’s structuring
Has the structure of your business changed from a sole proprietorship to a partnership? If your business has changed ownership types, the way liabilities are handled and divided has changed. To ensure you are covered, you will want to update your insurance.
See if your business activities have changed
Has the nature of your business changed? Have you changed your services and offerings? You will want to make sure you are covered for any possible liabilities that could arise because of the changes to what your business provides.
Go through your employee list to see if you have made any new hires
If you have new employees or employees doing a new task, make sure you and your employees are covered by your insurance. You will also want to review your worker’s compensation in case something happens to one of your employees.
Evaluate if you have opened, closed, or modified any locations
If your location has changed, you want to make sure the building is insured. If you have closed any previous locations, you want to update your insurance to make sure you are not paying for the previous location or missing coverage on your new location. You will also want to make sure your insurance provider has your updated physical location and mailing address.
Assess your business’s asset value
Have you bought any new assets for your business? Most assets require an increased amount of insurance due to the increased liability. Calculate your business’s asset value and double-check if your current insurance covers that amount.
Ensure your website is secure
Do you have a website? Do you sell items online? Make sure your website is secure from viruses and hackers that could breach your business information. You will want to look into cyber liability coverage to make sure you are protected from anything that could happen.
Check the state of your automobiles and if you have purchased new ones
Have you started using vehicles more for your business? Have you had to purchase more vehicles? Make sure your vehicles and the drivers are covered by your insurance policy. Many issues can occur with cars, from accidents caused by other drivers to mechanical failure. Review your policy to ensure you will not have a major out-of-pocket cost from not having the proper insurance coverage.
Reviewing your business insurance gives you a chance to read through all of your policies and to protect yourself from liability claims. With insurance being an ongoing process as your business changes, you need to routinely assess your coverage. The best way to prevent unforeseen losses and damages is to make sure you and your business are covered! Contact R&R Insurance today!
Sources:
https://atlantainsurance.com/business-insurance-review/
https://www.thepersonal.com/blog/-/reviewing-your-business-insurance-10-points-to-look-at