Your Texas business insurance might be paid up-to-date, but is it outdated in terms of the coverage you have in place for your enterprise? Once a business is established and begins to grow, an owner’s attention is usually firmly focused on things like ensuring customer satisfaction and refining processes to make them more cost effective. Profits might be re-invested in upgrading equipment or infrastructure to support the business as it grows, leaving cash flow a little tight. Reviewing insurance coverage can be easily overlooked in the circumstances.
Why must you review your insurance as the business expands? In some cases there will be changes to the business that directly affect the risk or level of risk to which the business is exposed. This might include, for example, a situation where a business owner has invested $10,000 in new equipment and the coverage initially taken out is no longer sufficient. Another example would be where a business has diversified and the new products or services have added a new risk or substantially increased the risk level for the business.
Another situation that can occur is that at the time of commencing a business, minimal insurance may have been taken out to save on start-up costs. It may have been the intention to expand coverage when the business proved viable however this can be quickly forgotten in the excitement if the business begins to grow faster than expected!
Has your business outgrown its original Texas business insurance policy? Speak to us soon about reviewing your coverage.