Securing adequate business insurance is an important responsibility for business owners, as insufficient coverage may result in expensive claims and losses which could otherwise be prevented. Whether you’ve hired new employees or are launching a new line of products, there are a few common scenarios in which you must review your business policy coverage to determine if your plan needs any revisions.
If you’ve hired more employees in recent months, you should review your business policy coverage. Workers’ compensation insurance is a requirement in most states when a business has a certain number of employees.
Your business’ insurance needs may change if you relocate to a new physical office space or make any renovations. Commercial property insurance policies offer protection for valued assets around the office such as appliances, equipment and inventory.
If your business is expanding its product line, product liability insurance is necessary to protect your investments. Don’t find yourself underinsured in the face of claims that your products cause injury or damage.
Reviewing your business policies allows you the opportunity to actually read the fine print associated with your coverage. Minimize your business’ degree of vulnerability by reviewing your policies in the context of the evolving insurance needs of your business and its employees.
Have you purchased vehicles to help you or your team do their jobs better? If so, commercial vehicle insurance should be added to your business policy to minimize potential fallout from accidents and other liability risks.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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