3 Signs your Small Business Needs Commercial Insurance
As a small business owner, you may have started out with an insurance package that at the time, had sufficiently met your needs. However, if you are expanding or altering your business in any way, then it might be time to look at discussing Commercial Insurance policy options with your insurance agent.Here are some signs to help you identify if your small business will benefit from making the move to commercial insurance.
Sign #1 - You Have Purchased New Equipment (and Inventory)
If you have recently purchased some new equipment to operate your business, then it might be a good time to consider moving to commercial insurance. If, for example, you rely on expensive items, these can range from computers to vehicles, as well as many others, then you will want to ensure your insurance adequately covers these costs, should you need to promptly replace them in order to keep your business up and running.
Another important part to this, could also be that you have expanded your range of products and services With a larger inventory than you previously had, additional commercial insurance is likely necessary to ensure you also have enough coverage to replace these items, in the event there are any major losses.
With equipment and vehicle insurance being key elements of operating your business, having this type of commercial insurance in place may be the right move for you at this time.
Sign #2 - You Have Hired Additional Employees
As a small business owner, you may have started out as being the only employee. That said, the time may have come that you now require some additional help and are ready to take on another employee. Whether you are taking on a second employee or increasing your number of employees more significantly, either way, this is an important sign that you should reevaluate your insurance.
For example, worker’s compensation insurance is a commercial insurance option that helps to ensure you have enough coverage to support all of your employees and that you are both protected.
Sign #3 - Your Revenue has Increased
Perhaps you have also experienced an increase in revenue and your business is growing in this area as well. If you are now making a substantially larger amount of money compared to when your business began, then this is also a strong indication that you will want to make an insurance adjustment.
With increased equipment and employee needs, your revenue may also be on the rise and you will want to seek out the best level of insurance coverage that matches the trajectory and evolution of your business.
Bonus Sign #4: You are Moving into a New Business Space
One additional sign that also deserves mention, is whether you have made any changes to your business space. If you have or are thinking about renovating or moving into a larger work space, perhaps even leasing or buying a property, then you will also want to contact your agent. This can be a valuable opportunity to discuss the necessary commercial insurance coverage needed for this type of expansion.
Commercial insurance can cover a variety of unique areas pertaining to small businesses. Therefore, it is important to be aware of these aspects, so that you have the peace of mind that you are fully covered.