There is no single metric that can measure your business’s growth. Perhaps you’ve taken on a few new clients, or you’ve decided to hire an employee so you can expand your business hours.
As your business evolves, it’s important to make sure you have the right business insurance to meet your changing needs. Here’s why.
A New Location
If you’ve moved to a new location — or opened a second location — your insurance coverage might need to be updated. Your business’s risks can be impacted by a variety of factors, including the size and build of your location(s). You’ll want to make sure any insurance that covers property has been modified to accommodate location changes. A business owner’s policy (BOP) bundles general liability, business interruption, and commercial property insurance. Whether you own or lease your business location, that commercial property coverage can come in handy. It typically provides financial protection in the event that your location is damaged from fire or eligible weather events.
It’s also important to remember that business insurance requirements can vary state by state. If you’ve moved your business to a different state — or have expanded across state lines — you might need different coverage. We recommend working with an insurance professional to make sure your coverage adheres to local requirements. Our licensed agents are available Monday through Friday from 8 a.m. to 8 p.m., ET, at 855-869-5183 to answer your questions.
Hiring Employees
As your business grows, you may realize you need an extra set of hands — or several. Whether you’re hiring your first employee or adding to your existing team, the number of workers you have can impact your insurance needs. Not only do you need to protect your business — you also need to protect your employees. Workers’ compensation insurance offers coverage that can help accomplish both.
Nearly every state requires workers’ comp for businesses with a certain number of employees. However, workers’ comp can vary among states, so we recommend checking your local requirements and regulations. We can help. Our state-based insurance hub makes finding business insurance requirements across the U.S. quick and easy.
Introducing New Products & Services
Part of expanding your small business may include expanding what it offers as well. Any changes you’ve made to your menu of goods and services could require an update to your business insurance.
Here are some examples of changes that could impact your business insurance needs:
- A landscaping company expands to include snow removal — a brand new operation for them — meaning they’ll need more equipment and possibly more employees.
- A bookstore owner opens a small cafe within the store. Because this is an additional operation, they’ll need to meet insurance requirements for food service in addition to the coverage they carry for their retail store.
- A freelance marketing graphic designer decides to expand into a small advertising agency and will need to accommodate new employees, clients, and hardware.
We recommend working with your insurance carrier as well as your agent to determine exactly what coverage changes you’ll need to make. Depending on how your business has changed, you may need additional policies to cover the new risk exposures. Our licensed agents are small business insurance experts. They’ll work with you to understand the changes you’re making to your business and how they affect your insurance coverage.
Buying or Leasing New Equipment
More jobs. More clients. More demand. These are all signs that your small business is flourishing. If you’ve bought or leased new equipment in order to keep up with the increasing workload, it could be time to rethink your coverage.
Purchasing new equipment is typically expensive. Updating your insurance could be helpful in protecting this substantial investment. If you’re leasing that equipment, the lessor may even require certain coverage in your contract.
For tools and equipment that you use on jobsites or on-the-move, you may want to consider an inland marine insurance policy to protect you financially in instances of tool damage and theft occurring at an off-site job location or in transit.
If your equipment stays on-site, you might want to look into whether business personal property insurance is right for you. This policy type typically covers theft, damage, and loss of business property such as equipment, furniture, and inventory.
Not Sure About Your Coverage? We Can Help.
At Simply Business®, we’re pros when it comes to insuring a small business. We’ve helped over 1 million business owners worldwide insure and protect all they’ve worked so hard to build. So we understand what different types of businesses may need as they grow and evolve. Answer a few questions regarding your business with our online quote comparison tool and we’ll shop from leading insurers to help find coverage to meet your business’s growing needs.
Not sure what you need? We’ve got licensed agents available to talk with you, Monday through Friday, 8 a.m. to 8 p.m. (ET) at 844-654-7272.
We also have an online Resource Center where you’ll find guides to help your business grow, jargon-free business insurance info, and free online tools and templates. Here are a few to get you started:
- How to Save More on Your Policy
- Why Insurance Policy Review is Important
- The Real Costs of Not Having Business Insurance