By this time of the year your business has more than likely put some plans into place for the upcoming new year. While this is a great idea, as watching your business grow can be satisfying, there’s often one thing that gets overlooked: the amount of insurance that your company has. You see, as your company grows larger, develops new products, and hires more employees, the more you need to ensure that everything stays properly protected. Your insurance needs to grow with you as well.
What insurance essentials are necessary as your business expands? Here are some options to consider as we head into the New Year.
Expanding Your Company
In order for your company to progress, it needs to grow and change. Your board, CEOs, or business partners no doubt have future plans for the company, such as expanding its square footage, adding to product lines, or even expanding its sales territory.
For all of these things to be successful, you’ll need to consider the costs of things like construction, new manufacturing equipment, and additional employees to get the job done. These are seen as investments in the company, but they aren’t all that the business needs to spend money on. To ensure that risks aren’t taken as the company expands, your insurance policies need to as well.
Types of Business Insurance to Consider
Depending on the type of company that you run, you may find it needing some of the following insurance plans in addition to the standard BOP:
Equipment Breakdown Insurance – Has your business switched from simple warehousing to other endeavors, like manufacturing? If so, then you’ll need an equipment breakdown insurance policy. Others who will benefit include contractors, landscapers, and construction companies, all of which need to have enough coverage to ensure that the monetary loss is small should their equipment break.
Flood or Wind Insurance for Businesses – If your company is located in a part of the state that gets hit by windstorms, floods, or any other type of inclement weather, then you’ll have to have an insurance policy designed to help you rebuild your structure after a storm has hit.
Cyber Liability Insurance – Small companies, more so than large ones, are targeted by hackers because their systems tend to be less secure. In order to assuage your customers after a breach, you’ll need to use your cyber liability policy to alert everyone, as well as put together a new, more secure database.
Workers’ Compensation Insurance – Any company that hires employees needs to have workers’ compensation insurance in order to cover the costs of healthcare and missing wages should something happen while on the job. Check with your insurance agent to ensure that your policy is able to grow alongside your hiring needs.
Umbrella Liability – These policies go beyond what standard liability insurance covers, so having one in place is a great idea.
Need to Change Your Business’ Insurance?
If you’re ready to choose insurance policies that will grow with your company, contact Spivey Insurance. Our skilled and knowledgeable agents can help you make the best choices to keep your assets protected and your business properly covered.
