Expansion Project? Consider Updating Your Commercial Insurance Policy
If you’re expanding your business premises, it might be time to review your commercial insurance coverage. Following the points covered below, and engaging with one of our agents in Plainfield, IN will guarantee your insurance policy is updated to match your business’s growth.
Increased Value of Your Business
Expanding your business inevitably increases the overall value of your commercial building. Given the higher value of materials, additional insurance coverage is essential. During the project’s duration, maintain a record of the materials purchased. Incorporate all the building materials, furnishings, equipment, and other additions into your commercial insurance policy.
Addition of New Job Duties
Once your expansion project is complete, the additional space will likely facilitate more job roles. Consequently, the risk of theft, vandalism, and injury could increase. You should contemplate these risks when seeking additional coverage.
Expand your inventory as part of your business growth. Be sure to incorporate all new items stored at your business premises into your policy. Your commercial insurance should provide coverage for these items. If your inventory is damaged or stolen, your insurance policy should cover repair or replacement costs.
Expanding Your Freight Services
If you manage a fleet of vehicles, your drivers might need increased coverage, given the increased demand for your services. Evaluate your existing freight offerings to determine whether more comprehensive coverage is required.
Contact Us for Expert Guidance
Ready to upgrade your commercial insurance policy? Reach out to our representative at Gill Insurance Agency. Our agent will help evaluate your current policy and recommend suitable upgrades to fit your expanded business better.