Protecting your business, no matter what it is or the industry it is a part of, comes in the form of business insurance. Like everything else that you own, you can ensure it in case of damages and accidents of many different kinds. There is no saying what can go wrong and considering how many aspects an average business has you have to make sure that everything is covered and that compensation awaits you in the worst case scenario. Chances are you got it when you first opened up and were considered a small business, and that was the right thing to do. It served you well over the years as you found your footing in the industry and carved a portion of the market for yourself.
However, what happens when your insurance policy is no longer enough and you require something more? What can be done and how can you even tell if your old business insurance model is outdated and no longer working for you? Well, it is usually a good problem but now always. Also, it is not that difficult to realize that you need a new deal with your current provider or with someone else. Keep reading to find out what signs point to the need of a new plan for your place of operations. What is more, make sure to visit Apollo Cover for more on business insurance.
Growing and Upgrading
When your business starts to grow considerably, you will notice it right away. Since everything around you will become bigger, more crowded, and higher in volume, you will soon need to start changing things. Once the business tarts growing considerably, you will have to start thinking about a new insurance policy for it. Small businesses are not the same as medium or large. There are many things that make them such, from the finances to the number of employees. If your volume is now bigger, it also means that you will need to hire additional staff and buy more equipment, so a plan that covers larger operations is what you will now require.
Upgrading can come in a variety of ways, from rebuilding sections of your premises and repurposing them to renovating the entire building so that it better suits a bigger operation. Replacing old equipment in favor of modern solutions is another huge thing no matter what you do. It means your employees will be able to do their jobs faster, more optimally, and more safely. Covering all of this with a brand new policy for years to come is not only a smart thing to do, but a necessary step that needs to closely follow the success you have had with growing your place of work.
You Have New Products
Introducing a new product or a whole line of products changes things. Again, it is almost always a good thing when you have the resources to start making or selling something else. However, it also comes with a set of new problems mainly dealing with the insurance.
Product liability is not a joke and failing to do right by it can result in huge legal matters and financial losses. Making sure the product gives the right information, that it cannot hurt the customers, and that it is not defective are all things that go without saying. In a scenario where it does happen though, the product liability insurance will cover it. Therefore, upgrade your plan whenever you want or need to introduce a new product or service.
Commercial Auto Insurance
Rarely any business can succeed without having its own vehicles. You probably have at least a few that your employees operate either to actually do the work or to have something delivered and shipped. All of these need their own insurance, one meant for commercial vehicles. Whether you have a single vehicle or a hole fleet matters for the plan.
If you can no longer operate with the old number of vehicles and require a few more, the insurance needs to know about it and you have to change or update your current policy. In addition, if you grow and come up with new ideas where the fleet is used, potential new accidents may happen so insuring the wheels and the drivers is also necessary. Workers suing companies for damages, injuries, and time lost from work happen all the time, so protecting your assets is prevalent if you want to remain successful and have no issues with your employees.
Having the Right Package
So far we have talked about scenarios in which you should always think about changing your current business insurance plan. But do you actually even have all that you require to protect your workplace? Does your current plan have all of the policies that it should? Let us take a look.
An average business that cares about all of its assets has more than a few things covered. Either with a single plan with one insurer or with separate policies with multiple, they cover all of the bases so that nothing can surprise them. Commercial property, general liability, and commercial auto are some of the policies that protect your physical assets and property.
Worker’s compensation, employment practices, and professional liability deal with the workers and they ensure that both they and the business are protected. Finally, the commercial umbrella policy covers the rest of the issues and small-scale things that fall under one large category.
Conclusion and Takeaways
Only when you have all of this can you have the peace of mind and no longer worry about things going wrong. Once everything is covered and insured, you can focus all of your time and energy on doing what matters most, which is actually improving your business model and growing as much as possible.
The easiest sign to spot which tells you it may be time to change your insurance is your current provider no longer doing their job well. If they are slacking or if you suspect some foul play, you should not hesitate to change them. It is not always the matter of you becoming better and needing more. Sometimes it is the insurance company to blame so contact somebody else if you are no longer satisfied.