Updating Your Business Insurance for 2012

As you complete your 2012 insurance review for your business, consider some of the following points.

• Have you invested in any new equipment? As the value of your business’ property grows, so too should your contents limits.
• Are you renting or leasing any office supplies? If you rent or lease large office supplies and equipment, it’s important you factor in the value to the lender in your coverage limits.
• How much of your merchandise do you generally have in-office? Supplies and merchandise that you have in the office but not out on display still need to be valued so you can maintain adequate coverage.
• Have you changed the type of merchandise you offer? Is it more expensive? If you now stock merchandise that is more expensive than the merchandise you offered in the past, then you may need higher policy limits. Even if you have the same merchandise but its cost has gone up, new coverage limits may be necessary.
• How much risk do your services entail? If your employees and/ or you provide a service that introduces risk to your clients or your company, you may want a commercial umbrella policy to provide additional liability coverage.
• Have you used your personal vehicle for any company errands? Have your employees used their vehicles? Commercial auto insurance is important even if your company doesn’t own your vehicle and you or your employees simply use a personal vehicle for company errands.
• Are your liability limits sufficient and are you covered for all your activities? From product liability insurance to employment practices liability insurance to professional liability coverage, there are many specialized liability policies that can offer specific protection for your business’ needs. This year, make sure you get all those that apply.
• Have you hired more employees? If you have, you may need worker’s compensation coverage, if you don’t already have it. With worker’s compensation, your injured employees can get the payments they deserve while you protect yourself from their claims.
• Do you have any key employees?  Key employees can hurt your business when they pass away. If you have a key employee whose passing would negatively impact your income, invest in key person life insurance.
• Is your buy/sell agreement still valued correctly? If you and your partner have a buy/sell agreement, you need to occasionally review your company’s value to make sure the buy/ sell life benefits are adequate.
• What speciality insurance could you use? Depending on your industry, there may be many specialty insurance coverages you can invest in to give yourself a full range of protection. This can include equipment coverage, crop coverage, business interruption insurance and more.

It can be overwhelming to consider all the different types of insurance policies a business needs. At Heritage Insurance, we’re here to help you sort through all your options and get the right Moose Jaw business insurance policiy for your company and risk exposure.