Your business may have started out as a small retail store with you and one other employee manning the helm, but it may have grown, and grown over the years. Has your insurance coverage grown with it? As your business needs change so too will the types and/or amounts of coverage you will need to protect your unique business situation. That’s why you should reassess your insurance needs on an annual basis. Did you begin running your business from home, or a leased space, but now you own your own building? Were you the first and only employee, but now you employ 5, 10, 20 people or more? Did you begin offering only one product but have grown to offer a variety? Regardless of what changes your business has undergone, or even if it hasn’t changed at all, it is important to reassess your insurance needs annually.
If you began by running your business out of your own home, you may have only needed general liability insurance which covers personal injury or property damage that happened at your place of business; property damage, personal injuries, or accidents caused by a product or service you sold; libel and/or slander.
However, if your business location has changed, and/or you have hired more employees, or your business has grown in any of a variety of other ways, you may need to add some or all of the other business insurances available.
Other Insurance Coverage
If your business continues to grow there are other insurance policies that you may need to purchase so as not to suffer huge financial losses in case of a lawsuit. These coverages include Business Owners, Workers’ Compensation, Commercial Property and/or Vehicle Insurance, and Professional Liability, also referred to as Errors and Omissions Insurance.