As your business grows, you need the right commercial insurance to cover your growing and changing needs.
As a business owner, you are no stranger to hard and difficult work. You have invested your blood, sweat, tears, money, and time in order to grow your business into what is today. As your business grows, you need to make sure that your business insurance keeps up with your growing and changing needs. Here are a few questions you need to ask in order to help you determine if your insurance policy still protects your business for everything it needs.
Do You Have a Growing Employee Base?
A growing employee base means your business is doing well, but it also increases the risk of employee injury. Make sure your policy protects both your employees and your business.
Do You Have New Machinery/Equipment?
New machinery and equipment need additional protection because of the added value of newer machines. If they are to be destroyed in a covered loss, you are going to be in quite the hole if you have to pay full price for their replacements.
Any retiring Senior Management?
When senior management retires, it may create some sort of discord among all employees. With a business succession plan, you remove many of the doubts created by the discord – before you create a plan, you must talk with your agent to ensure a smooth transition plan.