As an entrepreneur, it is exciting when your business can open up a second location. The problem that you may face is related to your commercial insurance policy. You may have a variety of concerns associated with the policy, but certain factors are an important part of expanding your business.
Additional Liability Protection
When you expand your business, it is also important to add to your liability protection policy. Accidents that take place on company property or within a rented space that you are using can add up quickly in hospital bills and related expenses. In general, it is best to add to your current liability plan so that your insurance policy will cover most of the damages.
Depending on the situation, you may need to add a separate plan for the new location or your insurer may allow you to cover both locations within the same policy, depending on the company and the details of your current plan.
As a general rule, it is best to obtain additional protection for your company property when you purchase or rent a new location. The second location is not currently under your plan, so the additional protection can be useful when you are opening up the store.
Along with the basic protection plan for the company building or the second location that you purchased, it is also important to protect any other assets or property that your business owns. For example, you may need to add protection for additional computers, registers or similar electronics that you need for your business. Depending on the items, the appropriate policy amount may vary.
It can seem challenging to open up a new location, but many factors associated with your insurance are primarily related to adding to your current plan and updating your data. In some cases, you may determine that it is better to work with an independent agency to find a new policy. Working with an agency is beneficial because you can obtain a plan that is appropriate for your budget and your concerns.