WEDNESDAY, MARCH 22, 2023
There's nothing more satisfying than watching your business grow. You've worked hard for this, and it is becoming more promising by the day. It's important to consider your business insurance as you grow. Is it enough? In many cases, it needs to grow with you. If you have a BOP, then you need to take the time to take a closer look at what you're paying for to determine if it’s enough to meet all of your business' needs.
Are Your Assets Covered?
The most important place to focus your attention on is on your assets. Perhaps your business has more inventory in play. You may have new equipment or have made upgrades to a variety of software programs. If you've expanded in any way, you need to take a look at the coverage limit of your property insurance. This is often a part of your BOP, but the coverage limit in place may not be enough to cover the actual value of these newer or more extensive assets.
Next, Focus on Liability
With the economy improving, your company may be seeing more customers come through the door. That's a good thing, and it increases the chances of ample growth for your company. However, it is essential that you also consider the increased risk that is present when your customer count grows. With lawsuit values on the rise, it's never been a better time to make sure you have the right amount of liability insurance in place.
How to Get Updated
If you have a BOP, then the good news is you can update an existing policy to include additional coverage, or choose additional policies to keep you going. For example, the addition of a business interruption component could help provide a higher level of coverage in case of an incident that takes your company offline for a few days. You may want to consider upgrades that offer more coverage for your growing staff as well, such as employee fraud and workers compensation coverage.
It's a fantastic thing that your company is growing. With the right business insurance, you can remain confident that it’s also protected from risk.
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