Thursday, October 15, 2015

Is Your Business Insured for Growth?

A growing business is a great thing to have. With your personal life, when you get married or have a baby, your insurance needs to change, the same goes for changes in your business. Don't let your business insurance needs get overlooked with all the excitement of business growth. Are you sure that your insurance still covers everything now that your business has grown? Not having adequate insurance can set you back financially, or in the event of a disaster, could put you out of business all together. Protect your hard work by reviewing your Lake of the Ozarks business insurance policy to make sure it fits all of your business needs.

Insurance Tips for Growing Businesses

It doesn't take much effort to make sure your business policy is up-to-date. Here are a few items to discuss with your trusted insurance agent at the Lake of the Ozarks:

1. Additional Employees - If you're business is growing, chances are you're hiring a few more employees to cover the extra work. You'll want to make sure you update your worker's compensation payroll to account for the additional exposure.  No need to get surprised at an audit. In addition to increasing your payroll there are a few things you can do internally to prevent insurance claims. Be sure to get background checks on new employees to avoid a bad hire. Also, to reduce employee injuries, make sure all employees (new and old) are properly and persistently trained.

2. Building Expansion - Has your business outgrown your current work space? Do you need more offices or a larger manufacturing area? Whether you're adding on to your current building, purchasing a second building or moving to a new building altogether, you need to make sure that the new space is covered under your business insurance policy. Even just the addition of one office on the side of the building adds value to the property and that increase in value means you need increased insurance coverage.

3. Increased Inventory - Business growth often leads to the need for increased inventory. Is that additional inventory properly stored and protected? Think about all the consequences of damaged inventory. What would that cost be to you? Would you have to shut down business for awhile? Make sure your inventory, as well as where it's being stored, is properly insured.  In addition, ask about policies that cover you in case a supplier goes out of business or a third-party warehouse damages your inventory.

4. Data Breach & Cyber Liability - No business is too small to avoid the risk of hackers. Small businesses suffer cyber and hacking losses at the same rate of big businesses. Make sure that your business policy covers business data loss. The resulting lawsuits and fines from a data breach can be expensive. Be sure to ask about policies that cover remediation and customer notification services.

5. Updated BOP - If you don't already have a "Business Owners Policy" or BOP, you may be eligible for one. If you're company is expanding, you need to make sure that the policy accommodates all of your specific business needs. This includes the need for new equipment and a growing payroll. At a minimum, you'll want a package policy with property coverage and business interruption insurance that will repay your profits.

Protecting your business as it grows will give you the peace of mind as you plan to take your business to the next level. Contact Insure the Lake today at 573-348-2794 to discuss all your business insurance needs. Our Lake of the Ozarks insurance company does annual reviews with customers to update changes in payroll and receipts, as well as discuss changes in operations. We also review property values and liability limits to make sure they are adequate in the event of a loss.

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral