Expanding Your Business? Here’s When You’ll Need More Insurance

Many business owners only think about their coverage once a year (when it is time to renew) or worse, only when a disaster strikes. Yet certain events may require that you obtain greater protection, such as staffing enlargements, launching a new product or service, or expanding into a new facility. Is your insurance policy keeping up with your success? 

Launching New Products or Services 

Developing new offerings can significantly impact the type and amount of coverage your company needs. New products or services oftentimes means more staff, space, materials, or data used, in which all of these cases your risk will increase. These vulnerabilities can be mitigated with proper insurance protection. It is crucial that your New Jersey Business Insurance plan is up to par in the event that a mishap leads to financial devastation. 

Purchasing Property 

Moving from leased space to a company-owned facility is likely to change the amount or type of property insurance your company needs. You’ll now be responsible for the cost of items that a landlord previously took care of, such as signage, roofing, and contents of the building. Expanding to a larger building will also mean additional furniture, equipment, and inventory to insure.

You will also want to make sure you are covered for operating expenses and rental income if your property needs to be rebuilt due to a fire or other unexpected disaster. In addition, a coverage to assist with a temporary facility if significant repairs need to be made to your structure would be beneficial.

New Company Vehicles 

Adding vehicles or evolving usage of vehicles can also affect your business insurance needs. It is important that you speak to your insurance agency as soon as possible so you know where you stand in the matter, and if you need to obtain or upgrade your commercial auto insurance policy. If more employees are now using company cars and trucks or driving greater distances, your company’s risk may increase dramatically. Introducing a new service requiring additional vehicle use, such as making deliveries or transporting people or goods, may also require a policy upgrade. It is up to you to discuss any new endeavors with your New Jersey business insurance agent to make sure to are protected.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 65 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefit, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.