Business is always changing, so it's essential that you take a little time each year to step back and evaluate your insurance portfolio. While most of your energy goes into growing and moving your business forward, it's important to have appropriate coverage. If an incident occurs and you need to make a claim, you don't want to hear that your coverage didn't grow with the company.
For that reason, ask yourselves these questions:
- Has your business changed in any legal ways? Have you brought in a partner, incorporated or become an LLC?
- Have you purchased or renovated any property since the last review?
- Have you added employees to your payroll?
- Have your services extended to different states?
- Do you have any mobile services that require transport with a company vehicle?
- Do employees use these vehicles?
- Has your inventory changed, either larger or smaller?
- Has the amount of foot traffic from the public increased?
Business insurance is a complex, multifaceted necessity for every company, regardless of size. It needs to cover property, including structures and vehicles. The contents of the buildings and all inventory must be covered as well. It also offers liability protection should you be responsible for any harm that occurs to others, including bodily injury and property damage. Some policies also offer compensation for business interruption.
Because businesses are constantly evolving, it's a good idea to keep your insurance policy in the back of your mind. Once a year, ask yourself the questions above to evaluate whether you may need to update your policy. And stay in close contact with your independent insurance agent, who can advise you so that the business can survive any tough times that happen to come along.
Learn more today. Call Low Rate Insurance Agency at (817) 635-0375 for more information on Arlington business insurance.