As your dealership changesand expands, it becomes critical to discuss potential new risks with yourinsurance agent during quarterly or annual meetings.
Specific business insurancerisks include:
• Real estate: The value ofyour property has likely appreciated; thus, your real estate insurance shouldbe adjusted.
• Inventory: If your companyhas grown, you may be carrying more inventory than when your policy was firstset up. This added value should be covered.
• Equipment: Whenever youpurchase new equipment, including computers, software, machinery or tools, letyour agent know so that adjustments can be made to your policy.
• Liability: If you have addedor expanded services that could expose your employees or customers to risk, theadded liability should be covered. Included in this category are any servicesrequiring professional liability coverage.
• Operations: Changes inyour company operations, such as expanded hours, new locations or new warrantyofferings, may require new or additional coverage.
• Employees: As you add newstaff, your exposure to risk increases.
• Vehicles: Service ortransportation vehicles, whether new or used, should be covered, includingcoverage to protect others in the event of an accident.
• Lost revenue: If yourbusiness cannot operate for a month or longer, lost wages insurance will coversalaries, utilities and debt. Ensure you are covered at your particular level ofrevenue and expenses.
– Source: Tire ReviewBusiness Toolbox
