You’ve invested a lot of time, money and other resources into growing your business. Part of that business growth may include increasing your number of employees, buying capital equipment or even buying a building. To protect your company and its assets, it’s imperative that you know the different types of insurance offered, and you update your business insurance so that it meets the needs of how your business operates today.
Changes in Your Business
As your business grows, the way you run your company changes. This means that your business insurance needs to reflect those growth changes.
Have you experienced any of the following business changes?
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Added employees
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Increased inventory
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Purchased additional capital equipment
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Introduced new services or products
- Leased or purchased a building
Keeping Your Business Insurance Current
If you answer "yes" to any of those business changes, the following are types of business insurance to review with your insurance agent and to keep in mind when shopping online for insurance quotes.
Business Liability Insurance – If you’ve grown your business through the introduction of new services and/or products, your exposure to lawsuits could also increase. Comprehensive general liability insurance protects you against claims of bodily injury or other types of physical injury, in addition to property damage. Professional liability insurance, which is also referred to as Errors and Omissions coverage, protects you against claims of negligence or errors related to business services, such as accounting, technical consulting, medical care, or other types of professional services.
Property Insurance – If you’ve purchased new capital equipment, increased your standard level of inventory, or moved into a new building, increasing your level of property insurance to meet those changes will protect your property against loss or damage as a result of theft or accident.
Workers’ Compensation Insurance – It’s smart to review your Worker’s Compensation Insurance if new employees have been brought on board to help manage your business growth. Or, if your company is providing new services that your employees perform. This will provide medical and disability coverage in the event of any job-related employee injuries or illnesses.
Employer’s Liability Insurance – Going hand-in-hand with Worker’s Compensation insurance, employer’s liability insurance protects your business against employee claims of unsafe working conditions that resulted in injury or illness. Your need for this type of coverage can depend on the type of company you operate, or again, if you introduced new business operations. Consult with your insurance agent to determine if your company needs this type of coverage.
Ways to Save on Insurance While Protecting Your Business
If you need to increase or add coverage to your existing business insurance policy, you will no doubt experience an increase in your insurance premium. But there are also ways to save on business insurance and areas where changes in your business can qualify you for insurance premium discounts.
If you moved your business into a new building that has an upgraded security system, or installed a new fire safety equipment or sprinkler system, you could qualify for insurance discounts.
If you added new coverage to your existing insurance policy, you may now be eligible for a business owner’s policy (BOP). This combines policies and coverage types into one policy, enabling you to get a lower rate than purchasing each policy separately.
It’s also smart to shop around for types of business insurance. Going online to receive and compare competitive insurance quotes enables you to ensure you are getting the best price for the coverage you need to protect your business.
Learn more about types of insurance from NetQuote – get your free business insurance quotes today!
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