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If your Plainfield, IN, business is growing, you may decide to add new products/services to your line-up. Alternatively, you may want to streamline products/services by removing them from your line-up. In either case, you’ll need to inform your insurance agency of the changes and possibly update your commercial insurance policy to reflect your new reality.
Updating Insurance For Product Changes
Product liability insurance covers property damage, medical bills, and legal costs if a customer claims that one of your products was defective and caused injury and/or property damage. However, you have to list all your products for sale with your insurer; otherwise, they won’t be covered by your business’ policy. You may even want to inform your insurance agency about changes in your product line-up in advance to make sure your new products will be covered.
Updating Insurance For Changes in Services
Professional liability insurance (also known as errors & omissions insurance) covers mistakes and negligence claims. However, only listed services are covered by your policy, which means you’ll want to update your service listing right away to include any new services you decide to offer. On the flip side, if you discontinue some services, you may be able to get a discount going forward.
Need More Info? Gill Insurance Advisors Can Help
As a Plainfield, IN, business owner, you want to make sure your business can remain profitable long-term. Commercial insurance is a valuable form of protection that enables you to keep operating even if a client complains about your products/services or decides to take you to court. Our team at Gill Insurance Advisors can help you select the policies that meet both your current and future needs. Call us to find out more or to request price quotes.