With lower interest rates on loans and more capital flowing in, many businesses are using this time to remodel, renovate and expand. Whether your old computer equipment just no longer is giving you the edge you need or it's time to retrofit your restaurant with new furnishings, don't put it off. For many businesses, these upgrades can provide an exceptional opportunity to increase sales and grow their bottom line. However, with these changes comes the need to review your business insurance to ensure it continues to meet your specific needs.
Do You Have A Business Owner's Policy?
Many small businesses have a Business Owner's Policy, or BOP, insurance plan. It is one of the most common options because it lumps together the most important types of property and liability insurance together into one plan, making coverage far more affordable. This policy tends to offer basic types of coverage designed to match your business' unique needs. Before you make a decision about upgrading your property, take a look at your BOP a bit closer.
One of the biggest concerns is that you are adding to your business' assets. As you upgrade equipment and furnishings, you are adding value to your property. And for this reason, it may be necessary to increase your insurance limit. This ensures that your property — at its new value — remains protected. Remember to consider the value of replacement cost business insurance protection on your assets. This ensures you can replace the items, should there be a covered claim, rather than just offering the value of those assets later.
In addition to these considerations, it may also be important to consider modifying your business insurance policy to address any new risks and identifying additional coverage needs. If you are unsure how much or what types of changes to make to your BOP, talk to your insurance agent about your current policy and the modifications you are making. Taking the step now to do this can help to avoid potential risks later, including a denial of a claim if your policy no longer matches your assets.
Is your company covered? Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL business insurance.