If you are contemplating expanding your business to a new location or a new line of service, you have important insurance requirements to consider.
You will need to have an idea of the scale and scope of your new operations as well as your estimated revenues, as these directly affect your business insurance costs. In addition, you will want to consider where your business will operate. Will you be leasing commercial space, buying a property, or operating from your current address?
If you will lease a worksite, make sure you review your business insurance requirements with your agent or broker before signing the contract. There are often clauses that transfer some of the landlord’s risk to your company.
If you are going to expand your current location to include new operations or new work spaces, don’t assume your commercial property and general liability insurance will automatically accommodate that growth. You may need to increase coverage, or at least change some of the particulars of your policy.