Revisit your Business Owner’s Policy. If you have a fast-growing company, your Business Owner’s Policy, or BOP, can get outdated quickly. Have you added new employees or equipment? Have you changed the nature of your business or expanded into different types of products or services? Did you purchase your own building? It’s time to review your BOP, which is your first line of defense against a number of business risks.
Keep up with liability insurance. As your business expands, you’ll want to make sure you have enough liability coverage. This type of insurance takes many forms. There’s employment practices liability, which covers claims arising from your employees and professional liability insurance, designed to protect you against claims made by clients or customers. Review all potential sources of liability, such as when your employees are driving on company business.
For more information about insuring a growing company, check out this handy guide from the U.S. Small Business Administration. Have questions? We’re here to answer them!