Make sure you have the right protection at all times. 

You’re a small business owner so you know just how much things can change from quarter to quarter, in some cases even from month to month. But what you may not realize is that these changes, however small they may be, could affect your business insurance needs. It’s important to be mindful of any structural or operational changes that could change your risks so here’s a short list to take note of and discuss with your insurance provider.

Shifts in staff

Have you brought on some new team members or let anyone go recently? If so, it’s important to advise your provider so that new members can be added to your coverage and ones that are no longer with you can be removed. It’s also important to take into consideration any freelancers or contractors that you’ve added to your resources. While you aren’t going to necessarily offer them benefits, you do need to ensure you have the right liability coverage for anyone working on your behalf.

Upgrades to equipment

Believe it or not, even just the addition of a few computers or other types of equipment can alter your insurance needs. Upgrades can also mean you may need to increase coverage. So whether you’ve added new machinery or technology systems, make it a point to find out if you need additional coverage or need to change your business policy in any way.

New location

If you’ve moved your business to a new location or you’re expanding and adding on an additional one, you will need to review your policy and most likely make some changes to ensure adequate coverage. More square footage or a change in location can often mean a different or increased risk, so don’t wait until you’ve already moved or opened a second location, meet with your provider ahead of time so there’s no lapse in coverage.

New products and/or services

Got a new product or adding on a new service to your current offerings? Be sure you have the right coverage by talking with your insurance provider. Simple things like adding a delivery service means you may need a commercial auto policy or perhaps additional liability coverage for your drivers. Whenever

you make changes to your menu of goods and services, it is critical to make sure you’re covered with the right policies.

Changes in revenue

Whether business has been extraordinarily good or bad, dramatic changes in revenue means your coverage needs to be addressed. If revenue has increased to a large degree, for example, you may want to increase your policy limits to ensure they reflect the current value of your business.

Running your business takes a ton of work and attention. Often, business owners can get caught up in the daily routine without realizing that the many changes they’re going through can have an affect on their insurance needs. Be sure to stay on top of what’s happening with your business and discuss any changes with your insurance provider. If you’re looking for coverage, get in touch with us today.

Our team is dedicated to providing our clients with the ideal business insurance solutions and can customize coverage to suit your unique needs.