Business growth does not just improve your bottom line. It can also leave you vulnerable to gaps in coverage if you do not update your commercial insurance policies to reflect your company’s current reality.
Updating Coverage for Employee Changes
If you have recently hired or let go of employees, it is essential to update your insurance policies accordingly. These policies may include employer-provided health insurance, life insurance, workers’ compensation insurance, and errors and omissions insurance. Keeping these policies current ensures your employees and business are adequately protected.
Insurance for Business Expansion
Has your Marshall-based business opened new branch offices? If so, make sure each physical location is covered. Liability and property insurance are basic requirements that protect you from damage and legal repercussions in the event of an accident or other unfortunate incidents. If the expansion significantly increases your business’s worth, you may want to consider umbrella insurance coverage for added protection.
Coverage Adjustments for Renovations
Upgrading your physical location can boost employee morale and increase foot traffic to your business. However, renovations can leave coverage gaps if you do not inform your insurance company of the changes. Additionally, you will want to have your upgraded property appraised to ensure your coverage reflects the location’s full value.
Adding New Products to Your Line-Up
If you are introducing new products, ensure they are included in the updated insurance policy. Without proper coverage, you could face serious issues if a customer claims that one of these products caused bodily injury or property damage.
Contact Great Michigan Insurance for Expert Guidance
Great Michigan Insurance serves business owners in and around Marshall, MI. We offer a variety of policies from leading carriers and are always ready to answer your questions and provide personalized advice on purchasing coverage. Call us today to learn more or to request quotes on specific policies and policy bundles.
