Your business plan may evolve over time. It’s important to consider the impact that a renovation or new business practice will have on your commercial insurance policy.
Commercial Renovations
Renovations within your business may increase your liability risk. New materials, furnishings, and other business essentials could be at risk of theft, vandalism, or damage. Adding more liability coverage to your insurance policy will minimize the threat of financial loss. Personal protection coverage will secure each new addition to your property.
Maintaining records that reflect each upgrade made during the renovation process is advisable. By keeping detailed records of the renovation project, you can refer to them when comparing various types of commercial insurance coverage that interest you.
Workforce Upgrades
If you decide to hire more employees, the addition of new workers may necessitate modifications to your existing commercial insurance policy. With new workers onsite, your business venture faces increased risks.
Liability coverage, workers’ compensation, and business property protection are a few types of insurance you may benefit from acquiring. Preparing an insurance checklist that highlights each change that will affect your business is a good way to delve into the needed upgrades.
Once you have detailed records of the changes that will take place, you can take your time and look through the records. By doing so, you can make commercial insurance decisions that will protect your longevity as a business owner.
Your Commercial Insurance Consultation
Our agents at Noyes Hall & Allen Insurance are here to help you. Contact our office and request to speak to one of our agents who serve Portland, ME at your earliest convenience.