Are you planning to modify your existing business plan? If so, you might also want to consider updating your commercial insurance policy.
Upgrading Your Commercial Business Plan
The changes you’re considering could significantly alter your business operations and potentially add considerable value to your establishment. Ensuring you have adequate insurance protection will safeguard your business against unforeseen events like natural disasters, theft, or vandalism.
Adding New Structural Materials
Modifications to your business plan might include installing new structural materials, such as upgrading the roof or flooring. These changes will require a significant amount of new materials.
Including these materials in your commercial insurance policy will protect you if they are damaged. For instance, if inclement weather damages exterior siding, shingles, or other structural components, your insurance coverage may cover the cost of repairs or replacements.
Commercial Liability Risks
Modifying your business plan could increase your liability risk. For example, investing in new equipment might increase the risk of injuries. Additionally, the new equipment could also heighten the chances of physical damage. If equipment malfunctions, it could disrupt your daily operations.
Having adequate liability protection can cover any expenses you might incur due to an accident.
Insurance Consultation
Consult with one of our H & R Insurance Group LLC agents. An agent serving Portland, OR, will discuss your new business plan with you. They will identify risk factors that may require additional commercial insurance coverage. Once you choose the right amount of coverage, your commercial insurance policy will be updated accordingly.
