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As a business owner, there are many things you need to worry about. From ensuring your products are of the highest quality to keeping your employees happy, there's always something on your plate.
However, one thing that you should pay attention to is your insurance coverage. It's important to get the right coverage for your business, or you could end up in a world of hurt.
Here are the top ten signs your business needs to reevaluate its insurance coverage.
1. You've Recently Added a New Product or Service
If you've recently expanded your business to include a new product or service, ensuring that your insurance coverage reflects that is important. You want to find out early enough to make changes if your insurance doesn't cover the new product or service you're offering,
2. You've Hired New Employees
When you hire new employees, your insurance needs may change. You'll need to ensure that you have enough coverage for all of your employees and that you're covered in case one of them is injured on the job.
3. Your Business Has Grown
If your business has grown significantly since you first took out your insurance policy, you must reevaluate your coverage. You may need more coverage now that your business is bigger.
4. You've Moved to a New Location
If you've moved your business to a new location, your insurance coverage may need to be updated. You'll need to make sure that you have coverage for your new location and that you're covered in case of any incidents that may occur there.
5. You've Had a Change in Ownership
If you've sold your business or brought on a new partner, ensuring your insurance coverage reflects that is important. You want to find out early enough that you're not covered in case of any incidents that may occur under the new ownership.
6. You’re Doing Business in a New State
Your insurance needs may change if you're expanding your business to a new state. You'll need to make sure that you have coverage for the state you're doing business in.
7. You’ve Changed Your Business Structure
For example, if you've changed your business structure from a sole proprietorship to a corporation, your insurance coverage may need to be updated.
8. You’re Doing Business Internationally
If you're doing business internationally, your insurance needs may change. You'll need the right coverage for the countries you're doing business in.
9. You’re Not Sure What Your Insurance Covers
If you need to figure out what your insurance covers, it's time to reevaluate your coverage. You want to find out early enough that you're not covered in case of an incident.
10. You Haven’t Reviewed Your Insurance Coverage in a While
If it's been a while since you've reviewed your insurance coverage, it's time to do so. Your coverage needs to be updated to reflect changes in your business.
Key Takeaways
It's important to make sure that your insurance coverage is up-to-date and reflects your business's needs. By reevaluating your coverage regularly, you can ensure that you're covered in case of any incidents that may occur. So, take some time to review your coverage and make any necessary changes. Your business will thank you for it!
Searching for a trustworthy business insurance agency? Turn to none other than J.F. Shaw Insurance Agency. To ensure quality service, we take the time to discover your industry's different challenges for insurance concerns and tailor a package that fits your needs. Reach out to us for more details.