One of the biggest mistakes owners of growing businesses make is not keeping up their insurance coverage to account for the expanding assets and potential liabilities.
Let's say you started your business 10 years ago with just a small space and computer desk. Today, you have an office full of employees and equipment. If you still have the same insurance coverage you did a decade ago, or even three years ago, the chances you are underinsured are high.
To make sure you have all of your assets covered, review your business insurance program annually. Circumstances change, and without an annual review, you could face substantial expenses if you suffer a loss.
It's common for small businesses to start out with basic insurances, such as commercial property and general liability policies. However, as the business grows, other types of insurance may be needed, such as:
Ensure the following elements are considered during the annual review:
Insurance is not one-size-fits-all, nor can you set-it-and-forget-it. Because the answers for each of the above won't remain the same over the life of the business, it’s important to discuss these items and how they relate to your current insurance needs.
Annually review your business for exposures and insurance needs. Insurance may not cover everything, but it can certainly mitigate your risks.
While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or change circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
4200 University Ave, Suite 200
West Des Moines, IA 50266-5945
5940 South 118th Circle
Omaha, NE 68137
708 Heartland Trail, Suite 1000
Madison, WI 53717