Things Considerations When Moving Business Locations
Moving your business to a new location can be a big feat. Amongst the hustle of bustle of getting everything sorted out, it’s easy to forget about insurance considerations. Just as with every major change your business goes through, it’s important to reevaluate your situation and make sure that your insurance coverage is still the right fit. Here are some things to think about as your business relocates to its new home!
First and foremost, do you need property insurance coverage? Do you need to update your existing commercial property policy? No matter what, you should always let your insurance agent know that your business is moving locations. It could become a serious problem if you neglect to update your business’ location, so make sure to do so! And when you do, double check your property coverage as well.
Think about general liability coverage. Are you moving to a bigger location? Your previous general liability coverage may not be enough for this new location! Are you under a business owners policy? You want to double check to see if your liability coverage is still relevant. It’s possible that your company has outgrown your BOP! Your BOP may contain more than just general liability insurance. While you’re updating your general liability coverage, ask about the other coverages you have in your package.
If you’re moving, you should check your workers comp policies as well. If the number of people you employee has gone up or down, your coverage should be reassessed. You want to make sure that all of your employees are adequately covered in the event of an accident. Workers comp helps protect your employees if they get hurt or sick on the job. While we hope that the transition to a new office is smooth, accidents do happen.
Are you hiring a moving company? If you are hiring another business to help you move your business to a new location, you should think about getting insurance coverage for that. Accidents happen, things can go wrong, and it’s always best to be safe than sorry. If some valuable inventory or equipment gets damaged during the move, having insurance coverage in place can make a huge difference.
Whether you are moving across town, across the state, or across the country, moving is a big deal. To help your business start on the right foot, make sure your insurance is appropriate for your business. As your business continues to grow and develop, your insurance should be there to support it. Insurance is there for when things don’t go according to plan. And while it’s always best to take preventative measures, insurance is the safety net. Talk to your insurance agent about updating your insurance when you move locations. They can help you get the coverage that is best suited for your business needs!