Why It’s Important to Review Business Policy Coverage
Securing adequate business insurance is one of the most important responsibilities of business owners. Insufficient coverage could result in costly claims and losses that are largely preventable with the right insurance coverage. Whether the number of employees has increased or you are launching a new product lineup, there are a few common scenarios in which it’s important to review business policy coverage to determine if your commercial insurance plans need any revisions.
At Doeren Mayhew Insurance Group, we offer integrated risk management solutions for businesses. Our team of trusted advisors have the time-tested experience and expertise to help you safeguard your business against any number of financial risks. We guide business owners like you in assessing your insurance needs in the context of new circumstances that may inform coverage changes.
A Growing Company
If you’ve hired more employees in recent months, you should review your business policy coverage. Workers’ compensation insurance is a requirement in most states when a business has a certain number of employees. It’s also important to offer competitive health and wellness packages when you want to continue to grow a successful and loyal team.
Upgraded Office Space
Your business’ insurance needs may change if you relocate to a new physical office space or make any renovations. Commercial property insurance policies offer protection for valued assets around the office such as appliances, equipment, and inventory. Business income insurance is also valuable if you rent office space to other tenants because it covers operating expenses and income from those rentals in the event of a fire or other property damage.
New Products
If your business is expanding its product lineup, product liability insurance is necessary to protect your investments. Don’t find yourself underinsured in the face of claims that your products cause injury or damage. It’s not enough to make safe, effective products, so be sure your business policy coverage protects your company from legal liability — and legal and court costs.
Changing Needs
Reviewing your business policies allows you the opportunity to actually read the fine print associated with your coverage. In doing so, you can effectively identify if any of your needs have changed, which may warrant adjusting your coverage limits, securing new policies, or filling gaps that have recently appeared. Minimize your business’ degree of vulnerability by reviewing your policies in the context of the evolving insurance needs of your business and its employees.
Company Vehicles
Have you purchased vehicles to help you or your team do their jobs better? If so, commercial vehicle insurance should be added to your business policy to minimize potential fallout from accidents and other liability risks on the road. From making deliveries to transporting people or goods, there are many different services performed while operating a company car that require proper insurance.
At Doeren Mayhew Insurance Group, we help business owners protect their financial assets with the right commercial insurance. Contact us to learn why you should review your business policy coverage and what changes you should make today to protect your employees, physical space — and your bottom line. Schedule a personal consultation with one of our trusted agents today.