Modifications to your business plan may affect the amount of commercial insurance coverage needed. Review some categories that may constitute changes to your insurance plan.
Commercial Upgrades and Downgrades
Upgrading or downgrading a business will change its operations. Adding new furnishings, equipment, or inventory would increase its overall value. However, it may also increase the risk of theft, vandalism, or other damage.
Operating a smaller business may also considerably change things. For instance, moving to a smaller building may not require you to have as much commercial insurance as you currently have.
Reviewing an existing commercial insurance policy whenever upgrades or downgrades are likely is a good idea.
Introducing New Goods or Services
The addition of new goods and services may require additional insurance protection. New types of inventory and services could increase your liability risk. The addition of new items may also require more protection against theft and natural disasters.
When adding new goods or services to your business plan, research the risks involved in changing your business’s operations. Then, compare various types of commercial insurance designed to protect inventory and the services being offered.
Workforce Upgrades
If you are going to hire new employees, more insurance coverage may be needed. With the addition of new employees, your liability risk will increase. Having adequate insurance coverage will protect you.
Consult with an Insurance Agent From White Oak Insurance LLC
Contact one of our agents who serve Milford, CT. They will consult with you about the business changes that you are pursuing. Then, they will offer sound insurance advice.
