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Your Insurance Should Change As Your Business Changes

Posted Aug 20th, 2018 in Media, General, Insurance Tips, Commercial Insurance, Did You Know?, In the News

Did you know that any change your business experiences could seriously affect the liability coverage under your commercial insurance policy?

Your Insurance Should Change As Your Business Changes, Youngs Insurance, Ontario

If you are a business owner, it is very important to let your broker know of any changes so that your policy can be updated accordingly. 

What type of change could impact my insurance?

1 | Adding/Changing Office Locations

While policies often provide a newly acquired location extension, it’s only meant to allow you time to notify your broker.  Your broker needs to increase your property limits accordingly and make sure all lenders’ interests are reflected.

2 | Taking Your Business Online

Having an online business means opening your business up to new exposures, especially cybercrime. You’ll want to ensure your business is protected from cyber threats and secure.

3 | Employee Increase

Your policy covers employees as additional insureds under your liability.  It’s important to make sure your broker is aware of additional staff members.

4 | Purchasing New Equipment

Your broker will make sure your limits are increased accordingly, as well as add any additional financing or leasing companies to your policy if applicable.

5 | Revenue Changes

Your commercial insurance General Liability premium is generated based on revenue, which means the higher the revenue, the higher the exposure and vice versa.

6 | Introducing New Products or Services

Under your General Liability, your insurance coverage will only apply to those operations and products named, making it imperative to keep your broker informed.

Every change, regardless of how minor, warrants a call to your broker. It’s important to ensure you and your business are properly insured and protected. Your trusted Youngs Insurance Broker is here to help you navigate everything included in your insurance policy.

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