February 18, 2019
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Sean Mulhern

Key Signs That It’s Time to Update Your Business Insurance Policy

Here are some of the main telltale signs that it is time to update your business insurance coverage.

Even if you have a comprehensive insurance policy in place for your small business, it is easy for that policy to fall out of place as your business grows and changes.


This is why it is important to check in with your business policy and update it often to make sure that you have the right type of coverage.


Many business owners make the mistake of believing they’re covered and but accidentally failing to account for the fact that something has changed. This means that when they actually need to use their policy they have to find out the hard way that they don’t have the coverage that they thought they did.


Ouch.


To prevent the scenario from happening to you and your business it is important to keep abreast with changes and check in with your policy often to make sure that you always have your bases covered.


Here are some of the main telltale signs that it is time to update your business insurance coverage.

1. You’ve Hired New Employees.

Growth is a good thing, and if you are hiring employees it means that your business model is working. However, many contractors don’t know that the more employees, the more insurance coverage you need to cover them.


If you’ve recently done some hiring it’s time to check in to make sure that your policy is up-to-date and your valuable assets are not at risk.

2. You’ve Diversified.

If you are offering new services, good for you. Your business is diversifying and expanding.


Just don’t forget that now is the time to check in with your insurance carrier to make sure you are fully covered for all the services that you are offering.

3. You’ve Made New Purchases.

If you have recently purchased new equipment or vehicles there is a good chance that your insurance policy might be out of date.


After making any kind of new purchase it’s important to check in to make sure everything is covered so that you can rest easy knowing that your bottom line is fully protected.

4. Your Business Is Bringing in More Money.

As revenues grow, it’s all too easy to get caught up in the success and let your business insurance policy fall by the wayside.


It is important to remember that as your revenue increases, your business protection policy should generally be updated to match in order to make sure you have all corners covered.


This is especially important if you are stocking more inventory,  which won’t be covered in an emergency unless your policy is properly updated.


If any of these signs ring a bell, it’s probably time for an insurance check up.


I not only have the knowledge and expertise to guide you through the process and make sure that you have the best policy for your money, but I am personally committed to personally knowing you and knowing your business. Check out my site to find out more about how The Business Protection Team can help you grow your business the right way, including a comprehensive online policy management strategy that will make tracking your coverage a breeze.


Author
Sean Mulhern
Commercial Insurance Broker
Sean@thebusinessprotectionteam.com