If you are a business owner in Boca Raton, FL, you already understand the importance of having business insurance. In case you forgot, commercial insurance is your safety net that protects your business financially from a loss. But should you keep updating your insurance coverage? Well, keep reading for more insights.
Every business has objectives. Some goals include increasing end-of-year profits, have a bigger office space, and expanding the workforce. However, as you grow, you need to grow with your commercial insurance. To that end, changes in your company should be reflected in your business insurance policy to keep you fully covered. We at Coastal Premier Insurance Group have prepared instances that signal it’s time to update your policy.
Change of operating location
Moving to a new location? Your insurer should know when your business’ address change. If you fail to inform your insurer, you risk not covering your new building or any equipment stored inside.
Change of employees
Your workers’ comp insurance policy is calculated per employee headcount. If you hire more employees, you must include them in your commercial insurance. Similarly, if some employees exit, you should update your policy. This way, you won’t underpay or overpay your premiums.
Expanding your product portfolio
Business owners know the importance of having insurance for their products. Any defect in your products could cause injury, loss, or even death which could attract lawsuits. To that end, ensure you protect all your products in the event of a claim against your company. If you introduce a new product, you should also include it in your insurance policy.
Commercial insurance in Boca Raton, FL
The above list isn’t exhaustive of why you need to update your commercial insurance. For more information, please contact Coastal Premier Insurance Group. Let’s take care of your insurance needs as you focus on your business.