Business Insurance Upgrades – Preparing For Growth

Business Insurance UpgradesBusiness insurance is not only designed for companies that encounter problems, but is also created for growth. When looking into business insurance with E&Y Insurance Agency, we make sure to go over not only your immediate needs, but also any requirements that you’ll need covered in the future. Many business owners evaluate their insurance needs on a yearly basis, but if you’re booming in this economy, it may be time to look over it sooner.

Question: When Do I Need More Liability Insurance?

Answer: If your company is ready to launch a new product, service, or additional facility, your current liability insurance may not cover the additional expenses or assets. You need to be prepared for the worst. What if your additional staff participates in a data breach? What if you don’t have enough storage space for your supplies? Any question that relates to “adding on” products or services to your company can relate back to liability insurance.

Question: When Do I Need More Property Insurance?

Answer: If your company is doing well, the leased space in the strip mall just may not be cutting it anymore. If you’re looking to switch from paying someone else for space, to owning your property, your current property insurance may need to be reevaluated. Turing your title over to property ownership will come with a whole new lists of responsibilities, such as roofing, landscaping, and other building elements.

Question: When Do I Need More Business Income Insurance?

Answer: Additionally, if you’re looking to create an additional revenue service by leasing out space to other renters, you’ll need to look into business income coverage. This insurance will help cover unforeseen expenses that apply to rental income and business. For example, if your property encounters a flood, business income insurance will help cover and offset the costs for repairs.

Question: When Do I Need More Commercial Vehicle Insurance?

Answer: If you already have a commercial vehicle, but up until now you only drove it, it’s time to look over your policy. If additional employees will be utilizing the company car, especially for extended distances, your current commercial vehicle insurance may not cover them. Likewise, if you plan on using the company vehicle for new services, such as deliveries, your current policy may be too basic.

For more answers to additional coverage questions, call E&Y Insurance Agency today! We’re here to help you find the coverage that best suits you and your growing business.  (248) 362-1313

 

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