Most things in life aren’t static — and your commercial insurance isn’t an exception. As your assets grow, profits soar, and the workplace enlarges, you should review your commercial insurance to ensure your current needs are well-protected. If you are unsure whether you should review your commercial insurance, Phil Klein Insurance Group of West Bloomfield, MI is here to guide you so that you can get the best bang for your bucks.
Change in employees
If you have more than one employee in Michigan, you must purchase worker’s comp insurance to protect them against illnesses and work-related injuries. While you may have started with a few workers, your business has now grown, and the workforce is a few times bigger. Have you updated your worker’s comp insurance? Your employee insurance should match the size of your workforce. Always talk to your insurer whenever you downsize or increase your workforce.
As your business grows, you always invest in new assets to support the growth. It could be new IT infrastructure, new furniture, or even a new office. Whenever you acquire new assets, always update the changes in your commercial insurance. This move is crucial to ensure you receive maximum compensation when theft or damage occurs.
Service offering changes
Adding a new product or service to your business means exposing you to new risks. While taking risks is an ever-present reality for business owners, you need insurance to cover every move you make. Talk to your insurance agent whenever you add or remove a product or service from your offering.
Learn more about commercial insurance in West Bloomfield, MI
There are numerous other reasons to review your commercial insurance. The best way to ensure you are optimally covered is to frequently chat with your insurance agent. If you are in West Bloomfield, MI and its environs, you can always contact Phil Klein Insurance Group for all your commercial insurance needs.