At Billyard Insurance Group-Guelph our Insurance Brokers want to remind our business owners that it is crucial to review your insurance needs each year, as your business grows, or if there are significant additions to your business that need to be insured and protected. At BIG-Guelph we want you to avoid unpleasant surprises in the event of a claim, your business insurance coverages should always match your current business activities and assets.
If your business has changed, in any way, we recommend a review to ensure you still have the right coverage. Check out these 7 BIG-Guelph reasons why you should review and update your business insurance.
1. Adding New Products and Services or New Business Activities
If you’ve added new products or services, like online sales, curbside pick-up, Zoom appointments, you will need extra or better coverage. Have you purchased a new vehicle so you can offer a new service? Are you offering a new service with one of your existing vehicles? If you have, it’s time to notify your insurer of any changes that affect your operations and add proper coverage.
2. Value of your Business Assets, Building Contents, and Inventory has Changed
Have you acquired any new business assets to support your operations? Calculate the value of furniture, telephone or computer systems, tools and other equipment related to your business sector, and check if you still have enough business insurance coverages.
Launching a new product can increase your inventory. Do you still have enough coverage? Your business insurance should reflect your current situation. Have you updated or made any renovations to the building where your business is located? Do you own the building – has the replacement cost increased? Document these changes and send them to your insurer to keep your file up to date and have your amount of coverage re-evaluated to protect what your Business is worth.
3. New Services Offered
Some specialized fields involve higher risk. When hiring employees to perform new tasks, you may want to add new specific business insurance coverages or increase the amount of your existing coverage.
4. Business Income has Increased
Did you start a new contract, change the services you offer or hire new employees? If yes, your revenue will have probably increased, too. Be sure to tell your insurer to protect your total business income value.
5. Neighbourhood has Changed, Service Area has Expanded
If local businesses change their locations, new stores open or stores close, your business might be exposed to more or less risk. Be sure to let your insurer know. Also, many businesses have expanded to offer services online, outside Ontario or even outside Canada. If this has changed in your business, its recommended to review your business insurance coverage to ensure you are protected for these new changes.
6. Security Systems have been Updated
There are many ways to prevent your business from being targeted or broken into. You may have installed an alarm system or surveillance cameras to protect your business when it’s vacant. Remember to tell your BIG-Guelph Broker.
7. Talk to your BIG-Guelph Broker
Your Billyard Insurance Group-Guelph Broker can advise you on what steps to take after a change so you can make sure you have the right insurance coverage and avoid headache and financial hardship in the event of a claim! Don’t wait until it’s time to renew your Business Insurance to let your insurer know you’re doing renovations to your building, buying new assets, adding new services, hiring new employees, or expanding your operations.
Billyard Insurance Group-Guelph Brokers are here to protect your assets, buildings, and employees as your business changes and grows. If you have any questions about your Business Insurance or need a review, just click and contact a BIG-Guelph Broker today!