As your dealership changes
and expands, it becomes critical to discuss potential new risks with your
insurance agent during quarterly or annual meetings.
Specific business insurance
risks include:
• Real estate: The value of
your property has likely appreciated; thus, your real estate insurance should
be adjusted.
• Inventory: If your company
has grown, you may be carrying more inventory than when your policy was first
set up. This added value should be covered.
• Equipment: Whenever you
purchase new equipment, including computers, software, machinery or tools, let
your agent know so that adjustments can be made to your policy.
• Liability: If you have added
or expanded services that could expose your employees or customers to risk, the
added liability should be covered. Included in this category are any services
requiring professional liability coverage.
• Operations: Changes in
your company operations, such as expanded hours, new locations or new warranty
offerings, may require new or additional coverage.
• Employees: As you add new
staff, your exposure to risk increases.
• Vehicles: Service or
transportation vehicles, whether new or used, should be covered, including
coverage to protect others in the event of an accident.
• Lost revenue: If your
business cannot operate for a month or longer, lost wages insurance will cover
salaries, utilities and debt. Ensure you are covered at your particular level of
revenue and expenses.
- Source: Tire Review
Business Toolbox