Growing BusinessSAFEGUARDS

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  • Business Insurance Coverage Check-Up
    Game Plan

    Special Needs of Growing Businesses

    If your business is experiencing significant growth, your business insurance check-up process might more aptly be called an insurance upgrade—or overhaul. You may be encountering risks you’ve never needed to consider before. As well, new clients, investors, or creditors may require that your business carry specific coverages or higher limits.

    It’s always a challenge for busy owners of growing businesses to find the time to focus on addressing new, increased, and evolving risks. Without question, you should take advantage of your insurance professional's expertise in these matters.

    Your business will benefit from taking a big-picture look at the entire spectrum of risks posed by your operations and industry. As part of this process, you should review all of your current business insurance coverages. You can explore all of these policy types in depth in other Playbook articles:

    Importantly, the time you devote to examining how your business’s practices can reduce risk is invaluable. Your annual business insurance “overhaul” should include a review of your entire risk management program. All aspects of your business practices can benefit from a fresh look, including employment screening, proactive loss control, comprehensive safety and ergonomic training, a formal return-to-work program for injured employees, testing and updating safety equipment, business contingency planning, and technology and data protection.

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    Game PlanGame Plan

    Game Plan

    • Call your insurance expert to schedule your check-up. If you own a growing business, keep in mind that simply “renewing” the same coverage is probably going to be less than you really need. Your annual review is all about getting right-sized risk protection.
    • Even growing businesses can find ways to save on insurance. For example, creating a strong risk management program will reduce the kinds of hazards that can potentially result in claims. Insurance companies frequently reward policyholders with lower rates for their internal risk management efforts.