Adding Coverage to Your Small Business Policy

As a small business owner you know the importance of adequate liability insurance. As your needs change and your business grows, you need to make sure that your small business liability insurance changes with it. There are many ways to alter your policy by adding different cover styles, like offering health coverage or increasing the liability amount. What is always important is that your policies fully cover you and that you do annual evaluations to ensure your needs are being met.

Adding different types of coverage might be necessary as your business expands. You might need to look at adding workman's compensation insurance if you are going to bring on employees. If you are ready to have a store front office instead of a home office, there are multiple types of coverage you need to look at to protect your interests.

Small Business Liabilities

Small business is the backbone of the world. Without the innovative, brave, hardworking small business owners we would live in a different kind of world. Along with the great pride of owning your own company comes the risks and responsibilities of owning your own company. You have to become adept at recognizing and appreciating the liabilities that you are exposed to and managing that risk using insurance. If you already have a small business policy it is time to review the coverage to ensure it is adequate.

For instance, if you have a small accounting company that is taking on more and more customers and bigger customers, E&O insurance is a kind of liability coverage you need. If you already have it, it could be time to increase the coverage amount. If you are planning on taking your accounting from a personal use kind of operation into a business in which you service accounts for other businesses, you need more liability insurance.

If you are adding new signage to your business, purchasing expensive electronics, or remodeling, you need to adjust all your small business liability coverage to cover those growing assets. As a business owner you can also look at adding a Business Owner's policy. This type of liability insurance can ensure that lost digital files, for example, do not end up costing you or your clients.

Adding Coverage

It is easy to add coverage to your small business insurance policy. You just have to call your provider and ask. One thing to keep in mind is the importance of comparison shopping. Don't get so comfortable with one insurer that you do not put all your liability insurance needs out there for the lowest bidder. Sometimes you can even increase coverage amounts without seeing much of a premium increase at all. If you never ask you will never know what good deals await you.

As a small business person you have to stay on top of your insurance portfolio. You never want to find out that you are at risk. Usually we find out these things at the worst times. Let your insurance company review your business, and all the facets of your operation to advise you on what you may or may not need. Asking other small business owners is a great way to find out what the average coverage is among your peers and what they pay for it.

Bottom line: Your hard work is exposed to risk every day. Adding coverage to your small business policy only makes sense. When you have the right kind of liability insurance at amounts that are adequate you can keep your mind focused on growing your company and getting the job done right.

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