Business growth – Changing insurance needs

Do you run a bookkeeping business, mortgage brokerage agency or hair salon? If so, you know how much time and effort it takes to build a small business from the ground up. Congrats on making it this far! We're willing to bet the growth of your business has had an effect on the way you work, and may have even changed your insurance needs. Here are a few questions you should ask yourself to figure out if your insurance coverage is still right for you.

Has the growth of your business caused you to renovate or expand your workplace, move to a larger space or even add another location? Talk to your insurer to figure out if it's time to adjust your coverage.

And don’t forget your business’s assets. If you’ve purchased new items, it’s important to update your policy to make sure you have enough coverage.

Speak to your insurance company if you’ve added items like:

• Furniture and valuables
• Telephone and computer systems (e.g., tablets, computers)
• Machinery and tools
• Merchandise (increase in stock)
• New material and equipment

A number of factors can impact how much Property and Liability insurance you need to make sure you're covered in the event of a loss. Let your insurer know if your growth has led to one of the following changes:

• Additional employees
• Diversification or expansion of your activities
• More clients
• More sales
• Opening of a new location, office or point of sale

Also, don’t overlook insurance on your commercial vehicles. Tell your insurance company if you:

• Buy new commercial vehicles
• Expand into another province or country
• Change the way you use your commercial vehicles
• Hire new drivers

Want to learn more about business insurance?

Contact a Desjardins insurance agent at 1-866-472-8848.