January is the perfect time to review any changes in your business operations. That’s because changes over the last year may spark the need for updates to your business insurance coverage. That’s why we’ve listed some changes in your operations to evaluate when deciding if it’s time to update your business insurance to ensure you have adequate coverage for your current and upcoming business plan.
Expansion of your business has caused changes in operations.
Expanding your business is an exciting time, but it can also create additional liabilities. This could include opening new locations, adding new products, or increasing the services you provide. It’s important to ensure your current coverage will meet the needs of your expanded business.
Changes to your existing place of business.
Pending or completed remodeling, additions, and vacancies (whether temporary or permanent) are some of the factors to consider when reviewing your policies this year. Even if your business has grown marginally, it still increases your liability. Always protect your investment, even if you lease your space rather than own.
Large purchases or investments.
Investing in new equipment definitely can increase your insurance liability. This could even include moving or adding new premises to your operations. Don’t leave your new investments under-protected.
Newly assumed contracts.
Contractual liability, granting of indemnities, or hold-harmless agreements would possibly require additional coverage depending on your current business insurance plan. It’s important to consult with your legal team to ensure you’re protected.
Anticipated growth in the future
Even if your business insurance is adequate for your current needs, it’s important to plan for the future. If you have plans budgeted in a short timeline, this is an additional expense that should be considered.
To learn about other business services to help run your company smoothly, give our Business Services Specialists a call at 360-662-2217 or email at BusinessServices@KitsapCU.org. We would be happy to help you. We’re here for our members, and we’re here for our community’s business owners.
