Growing your Insurance to Match your Growing Business

Your Business is growing but have you grown your Insurance Policy to match?

Small Business Insurance offers several coverages that you may not need when starting out but will need as your business changes.

It is important to have an understanding of what coverages are available and more importantly, knowing when to add them. For Example:

• EPLI Coverage – Important to have when you start hiring employees.
• Hired/Non Owned Auto – Do you use a vehicle for business use or have employees running business errands?
• Professional Liability – Are you a consultant or offer professional services? This is different from General Liability.
• Business Property – Do you have equipment and supplies that stay at your main place of business or does your equipment travel? There are multiple coverages depending on how your business utilizes equipment
  • Inland Marine Policy – Used when equipment is away from the building
  • Business Personal Property – Covers equipment that is at the business address
  • Transit Coverage – Needed when product or equipment is being shipped via UPS, Fedex, etc.
• Rented Premises – Do you own or lease?
• Business Income – As your revenue grows, this needs to grow too.

Do you have a plan? The above is just a small example of the coverages that fall under a Business Owners Policy but there are plenty more coverages and situations that must be evaluated to properly insure your business.

This is why is it so important to have a plan for insurance as your business grows.

How do we combat this? Our strategy is simple:

1. Educate – We will ensure you are well prepared and have a good understanding of the coverages available to your business.
2. Set a schedule – We will provide a road map so that as your business reaches certain milestones, you know we should talk.
3. Follow Ups – We will set certain follow up times to review your progress as the business grows to ensure we get the proper coverages in place as you need them and not too prematurely.

You have worked hard to establish your business, you should have all the proper coverages to protect your investment so you can focus on providing your clients the best service you have to offer.

If you would like to talk to one of our Insurance advisors about EPLI Coverage or any other Business Insurance needs, please call 469-606-4590 or click here to send us a message.