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Is Your Business Outgrowing Its Insurance? What to Know About Growth and Premiums

As a business owner, you are likely researching new business growth strategies constantly, and perhaps you’ve seen a bit of success in that pursuit. Growth can be exciting, but with it comes new risks – and new insurance needs. 

When you first purchased your insurance policy, there is a chance you couldn’t imagine the exponential growth you’ve seen since, and as a result, your business is now outgrowing its insurance. Staying on top of your insurance policy and keeping it updated is a key part of business protection and effective business growth strategies. 

5 Signs Your Business is Outgrowing Its Insurance

Continuing to review your business growth and implement new strategies can lead you to realize you may need new insurance with a wider scope. Here are some signs that your business has outgrown its current insurance policy. 

  • Significant Growth: If you are seeing significant growth in revenue, it’s time to update your business insurance. Your policy should always represent the size and scope of your business.
  • Product or Service Changes: If you’ve changed the products or services you offer, it’s important to review your business insurance and make sure you are still covered.
  • New Office Space or Equipment: If you’ve moved to a new office or purchased new equipment, your business insurance should be updated to reflect these changes.
  • Hiring Employees: When you hire new employees, it’s important to ensure they are properly covered by your business insurance policy.
  • New Equipment: As your company acquires new equipment, business owners must insure them for top value. If you are in the manufacturing sector or have business vehicles, you need to be sure your company equipment is properly insured.

Managing Liability is Crucial

A fundamental component of business growth strategies is understanding the value of managing your own liability.  While business insurance can help support safe growth, it’s crucial to understand how you can help manage your own liability. 

One way to do this is by creating and following policies and procedures that help protect your business, instead of solely relying on insurance. If you have risk management procedures in place, you can help resolve issues quickly and efficiently if every member of your organization follows policy. 

Additional Types of Insurance Businesses May Need

As your business considers more specific business growth strategies, you may find that you need additional types of insurance to protect your business. 

For example, if you store sensitive data on your computer systems, you may want to consider cyber insurance. This type of insurance can help protect your business in the event of a data breach or cyber attack. Other types of insurance you may need to consider may be:

  • Product liability insurance
  • Professional liability insurance
  • Commercial property insurance
  • Business interruption insurance

How Bethany Insurance Can Help

At Bethany Insurance, we understand that business growth can be both exciting and challenging. We are committed to helping you carry out your business growth strategies and choose the type of insurance that’s right for your business. We’ll help you navigate the process of updating your business insurance policy. 

Our team of experts can help you find the right coverage for your business at the right price. Contact us today to learn more about our business insurance services.