Your business probably doesn’t look exactly the way it did when you first opened your doors. You’ve added employees, purchased equipment, introduced new services, adopted new technology, or simply grown your revenue.

Growth is good, but it can also change your risks. If your business has evolved, your insurance coverage may need to evolve with it.

You’ve Added Employees

Hiring your first employee or expanding your team can introduce new insurance considerations.

Workers’ compensation, employment practices liability, employee benefits liability, and other coverage may become more important as your workforce grows.

Make sure your insurance reflects the size and needs of the business you operate today.

You’ve Purchased Equipment or Improved Your Space

New computers, specialized equipment, furniture, renovations, and other investments can add significant value to your business.

If your business property limits haven’t changed along with those purchases, you could have less coverage than you expect if something happens.

You’ve Expanded Your Services

Businesses evolve. You may offer services today that weren’t part of your operations when your insurance policy was originally written.

New products, services, or business activities can create different exposures. Keep your insurance agent informed as your operations change so you can determine whether your existing coverage still fits.

Your Revenue Has Grown

Increasing sales and revenue are signs of a growing business, but they can also affect your insurance needs.

Some types of business insurance use factors such as sales, payroll, or business operations when determining coverage and premiums. Significant changes are worth discussing with your agent.

Your Technology Has Changed

Think about how much more your business relies on technology today. You may store customer or employee information, accept electronic payments, use cloud-based systems, or depend on technology to keep your business running.

As your digital footprint grows, so can your exposure to cyber incidents. Cyber insurance can help address risks that traditional business policies may not cover.

Make Sure Your Insurance Keeps Up

Your insurance should reflect the business you’re running today, not the business you had several years ago.

An insurance review can help identify changes in your operations, property, workforce, and exposures that may affect your coverage.

Professional Insurance Programs can help you review your business insurance and determine whether your current coverage still fits where your business is today and where it’s headed. Reach out to us at 800-637-4676, info@mypip.org or request more information here.