In order to keep your growing business protected and running smoothly, you need insurance that grows with your company. It can be difficult to think about insurance when you are already juggling the day-to-day operations of running a new business. If you don’t keep your insurance up-to-date, you could experience a loss that could cost a significant amount of money or even close your business entirely. We’ve compiled a list of questions you should discuss with your broker to ensure your insurance is keeping pace with your business growth.
Is my insurance policy customizable?
A one-size-fits-all approach doesn’t work when it comes to commercial insurance. You need a policy that can be customized with a wide variety of coverage options so that you’ll be protected when you start scaling your business and your needs change.
How do I ensure that I have enough coverage?
Your broker will review all areas surrounding your business operations to ensure there are no coverage gaps. It is important to ask your broker how the exposures associated with your industry and operations can be addressed by your commercial insurance policy.
Do I need commercial auto insurance?
Does your SME require you or your employees to drive during work? If you use your personal vehicle for getting to client meetings, driving to a job site, delivering goods, or transporting equipment, you’ll want to have commercial auto insurance. Your personal auto policy may not fully protect you in the event of a loss when it is being used for business purposes.
How often should I review my insurance coverage with my broker?
Your insurance should be reviewed with your broker on an annual basis, at least 60 days prior to your renewal date. If there have been any material changes to your business during the policy term, be sure to contact your broker.
These changes can include:
- Expanding your market share
- Moving to a new space or opening a new location
- Increase in sales
- Purchasing new equipment
- Offering new products
Make sure your insurance policy accurately reflects any major changes to your business. Deciding on what coverage your start-up needs can be overwhelming, but the brokers at Fuse Insurance are here to help ensure you have the protection you need to keep your business growing and running smoothly. Contact us today at 1-866-387-FUSE (3873) or visit our contact page.