If you own or manage a business, it’s crucial to protect your property, employees, and clients. One of the most effective ways to do this is by purchasing business insurance and updating your policy to reflect company changes over time. Below, you’ll learn more about when to adjust your insurance coverage for commercial operations. 

6 Reasons to Update Your Business Insurance

1. Building Changes

If you plan to renovate or remodel your commercial building, you’ll need business insurance that covers accidents or injuries that may occur during the process. Additionally, it’s important to include coverage for repairs and restorations in the wake of fire or flood damage.

2. Company Fleet

If you add vehicles to your company fleet, then include them in your business insurance. Also, add employees to the policy if they use their cars for company-related errands, pickups, or deliveries. Coverage for company vehicles will prevent financial disaster from potential lawsuits following an auto accident. 

3. Additional Products 

Defective products are among the most common reasons why companies face lawsuits. It’s also possible for highly-coveted products to get stolen from warehouses. As you prepare to manufacture and market new items, add them to your business insurance policy in case of lawsuits or losses. 

4. Growth

Basic business insurance typically covers the costs of property damage, general liability, and operations interruptions. When a company grows and expands, it’s necessary to buy additional coverage to account for higher revenue, production, and employment. 

5. Fidelity Bonding

Even with background checks, employees may potentially misbehave when handling money and valuable merchandise. Fidelity bonding protects in the event of fraud or theft. 

6. Protection for Directors & Officers

Directors and officers make executive decisions affecting the welfare of the company. Insurance protection will cover potential missteps made by leaders in these positions. 

Protect your commercial property and personnel with business insurance from Michael E Glick Insurance. This insurance agent offers general liability, workers compensation, and commercial insurance policies to Boerne, TX clients. Call (830) 816-9488 to get a quote on insurance for your business or visit their website to learn more.