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:
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.
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