3 things to keep your insurer in the loop about

Developing a comprehensive business insurance plan is a complex process, but even after it's established, you must make your provider aware of company changes.

As a business owner, you make dozens of decisions on a daily basis. Some of these actions may involve commencing renovations to your property, acquiring new assets or launching fresh products for public consumption. Believe it or not, such transactions may require you to revise your business insurance policies.

Whether or not you need to expand current coverage plans is largely circumstantial - it all depends on the details of your policies. However, keeping your insurer in the know of certain changes to your organisation is recommended. Listed below are three decisions you should make your insurance provider aware of:

1. Moving office locations

If you move operations to a different setting, you'll likely have to speak with your provider about covering the new building. Your agent may be able to transfer the same benefits from the original location to the new one, but this isn't always a given.

You must also keep in mind that it's likely that your original business property insurance policy will cover contents located in the original building. After moving items to the new location, they may not be officially insured.

In addition, your new place of business may generate different premium rates. Although it's not always the case, if your company is located in a neighbourhood with a high crime rate, your provider may raise coverage prices on the basis of an elevated risk for theft or property damage.

If you're offering new products, you should reassess your liability coverage.

2. Offering new products

After months of market research, you and your colleagues determine that your customers are looking for a type of product or service you don't currently offer. In light of this information, you plan on designing a prototype, testing it out and eventually bringing it to the market.

However, what if someone ends up misusing the product and gets hurt? This is where issues regarding product liability come into play. Don't hesitate to inform your provider about your plans, what the new item will do and any other pertinent information the agent may bring up.

3. Procuring company vehicles

Suppose you've been using your personal vehicle to conduct business (travelling to job sites, transporting goods, etc.). Then, you decide to transfer ownership of the vehicle to your business.

Again, depending on the specific details within your commercial vehicle policy, coverage may not apply to any new vehicles you purchase. Your insurance provider will be able to deliver more information about the implications of making such a decision.

Keeping these three items in mind will help you develop a solid umbrella of protection, enabling you to cover various aspects of your business.