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4 minute read Published on Mar 29, 2021 by BrokerLink Communications
Every business is unique, which is why there is no one-size-fits-all solution when it comes to your insurance coverage. You need to ensure you have the right coverage for your business. In fact, some business coverages are required by law, like workers' compensation. Without business insurance, you may end up having to pay out-of-pocket for costly damages and lawsuits against your company.
Over time, the structure of your business may change, which could require additional coverage. It’s important to revise your business insurance as your business changes and we’ve outlined a few situations for when you may consider updating your coverage:
Whether you own or lease your space, you should be insured for the cost to rebuild and replace all of your assets, so it’s vital that any business insurance policies covering your existing premises are updated accordingly.
Here are some scenarios and reasons in which you would change or update your business insurance:
If these changes occur, so may the value of your property and or assets. This means, you’ll need to update your current policy as soon as possible. Doing so ensures that you’re covered for the maximum value you need so you don’t have to pay for losses out of pocket.
Plus, if you fail to alert your insurer about a change of address or a major renovation, you may not be covered in the event of a claim.
Most types of business insurance policies include calculations based on the number of employees, so as your business expands and you recruit more staff, you’ll need to increase your employer’s liability protection to ensure there is coverage for everyone that works for you.
If your business experiences financial hardship or the scope of your operation changes, your insurer needs to know. Any changes to your business could affect liability insurance, which could put your company at risk in the event of a claim. If the right amount of liability coverage isn’t in place, this could lead to significant loss to your business or even bankruptcy.
You should contact your broker regarding updating your business insurance coverage if your business has recently entered a period of transformation that no longer offers the primary service or products covered by your existing policy. Here are some examples of changes that may affect your insurance policy:
If you revise any of your business offerings, it’s vital your broker and your insurer are informed so that your insurance policy terms can be updated and you are advised you of any additional protection requirements needed.
As your business changes, so should your insurance coverage. Having the right insurance coverage for your business allows you to operate successfully and with peace of mind. To get the right for you, contact your BrokerLink advisor at 1-866-724-2372 today!
Adding a new product or service means that your company is taking on additional risks. Taking new risks is a reality for business owners, but you need to have the right insurance coverage in place. These product changes can include:
As you introduce new products to the market, it’s important to include these within your insurance, specifically if your insurer requires you to individually insure each product in your catalogue. Without adding additional products to your insurance coverage, you may be underinsured and responsible for what otherwise might be a covered loss.
Every company has different insurance needs, depending on the industry, location and nature of the business. As your business changes throughout the year, your insurance coverage requirements may change as well.
Be sure to consult with your BrokerLink insurance advisor to assess the risks your business may face and ensure that you’re getting the protection you need.
It’s important to contact your broker and your insurer if the nature of your business changes, products or services change or if there is a transition in your business, this may include transforming your business into a non-profit organization. Keep your broker and insurer informed or any changes with your business so they can update your insurance policy terms and advise you of any further protection requirements you may need.
An insurance broker will help insure all types of businesses, with coverage specific to many different industries. To find the right coverage for your business, contact your insurance broker.
Without the proper business insurance, you may not be protected against a cyber attack or data breach, as well as workers’ compensation for employees. Contact your insurance broker to learn what’s covered under your policy.