While it has become a symbol of the end of summer, Labor Day is a holiday that was created to celebrating the social and economic achievements of American workers. After all, where would our country be without our long history of hard-working and dedicated employees, managers, entrepreneurs, and business owners?

Before the festivities of the long weekend begin, it is the perfect time to check in with your business insurance policies to be sure they are still meeting your needs and the needs of your valuable employees.

Understanding Your Changing Needs

It is quite common to purchase business insurance, pay your premiums each month, and never give it another thought. However, as your business grows, your insurance needs change.

Below are some of the most common types of business insurance policies and some reasons your old coverage may not be suitable for your current needs.

  • General Liability Insurance – Sometimes even the smallest mishaps can result in large lawsuits. Your level of risk will dictate the appropriate amount of general liability insurance for your company. This risk level can change with adjustments to your services or products, number of employees, and size of your business.
  • Commercial Property Insurance – It’s important to realize commercial property insurance covers more than the building in which you operate. If you purchase new equipment or begin to store larger amounts of inventory, it’s time to reevaluate your policy.
  • Commercial Auto Insurance – Have your employees begun to take meetings or conduct company business at off-site locations, such as client or supplier offices? Whether you have begun to accrue a fleet of company vehicles or employees are driving their own vehicles to conduct company business, it is essential to have a commercial auto insurance policy that protects your business and your employees.
  • Business Income Insurance – For many businesses, their income increases as they become more established. It is important to update your policy to reflect your accurate income. Otherwise, how will you pay your bills or employees if you are forced to shut down due to an accident or disaster?
  • Commercial Umbrella – As you reevaluate your policies, it may be time to add a relatively inexpensive commercial umbrella policy to add an additional layer of security. If your risk level is relatively high, commercial umbrella insurance is invaluable.
  • Employment Practice Liability Insurance – Employment practice disputes are one of the fastest-growing sources of litigation in the United States. As your number of employees increases, so should your coverage. Before you begin looking at resumes to fill your next open position, be sure you are fully protected.
  • Workers Compensation Insurance – For almost a century, workers compensation laws have been protecting American workers who get injured on the job. Workers compensation insurance protects employers by helping them to pay medical expenses and lost wages to the injured employee. Do you have the proper coverage to adequately protect your employees?

Consult Your Business Insurance Expert

This Labor Day, take a moment to check in on your insurance policies. The professionals at BenefitSource specialize in asking the right questions to be sure you are fully protected. We will evaluate your business needs and work within your budget to get you the coverage that is best for you. Call us directly at (877) 215-5431 or email us to set up an appointment to discuss your business insurance insurance needs.

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