Is your small business firm about to grow? When it comes to small business growth, the process entails hiring more employees, opening a new office at another location, increasing the size of the office or adding inventory. Along with these aforementioned changes to your company, you also need to pep up your business insurance coverage. You have to ensure that your commercial agent is well updated about the changes in your business which could affect your insurance policy.
Expansion and growth are good things for your company but along with embracing growth, you also have to ensure that your newly grown company has adequate coverage as per its needs. Your commercial lines agent will assist you with whether or not a business expansion means added coverage for your warehouse or workers comp insurance for new employees.
Adding a new location to your existing office
It is very common among people in the retail industry to start with a new store if their first store proves to be a grand success. Whether you’re opening a new store in the same locality or you’re moving to a different state, ensure having insurance coverage which you need for the new place. As long as insurance for the second store is concerned, it is easier to determine the amount of coverage that you will need. Different states might have different requirements and you need to know them. With regards to commercial insurance, speak to an agent about non-required insurance for your business.
Adding to your warehouse or store
When you have to ensure that you have adequate coverage, it is bit too tough for your inventory than the business property. In what will you set a value for everything within the building? You should let your insurance agent know the content coverage which you need for all the things inside your business property. In case you’re adding new equipments, machinery or anything else to your warehouse, get coverage for new additions. Always be updated with the inventory of items inside your warehouse.
Hiring new employees in your organization
Are you keen on expanding your staff? If answered yes, be sure about updating your payroll on the current workers compensation insurance. In case you’re in a state which doesn’t make it compulsory to have workers compensation policy, you should still have it to safeguard you and your employees in the event of accidents. When you already have the current staff in place, it is most likely that new staff members are covered. You should keep updating your payroll once you add members as this could make your life easier and save money. If your new employees are operating commercial vehicles, you would even let your agent get to know about this.
Small business growth is an interesting time for a business owner. Just as you should compare car insurance quotes through websites like Compareemcasa, you should also compare business insurance quotes before taking the final decision.