WEDNESDAY, MARCH 25, 2020
 Moving into a bigger building? Opening a second location? Launching a new product or service? Hiring more staff? Landing more clients? If your business is expanding in any meaningful way, it's time to consider upgrading your general liability insurance.
All you need to do is contact your insurance agent and let them know that you need to buy more protection, and they'll get you set up. But, before you do that, it's not a bad idea to take inventory of the business.
Your business doesn't really grow overnight. While you may have just made a big expansion, chances are, you've slowly been adding onto your business along the way. And those additions come with their own risks. So, you'll want to take the time to make a note of everything that's changed since the last time you revised your policy:
- How many employees do you have now? The last time you revised your policy, you may have only had two or three employees, or fewer. You might not need to revise your general liability policy after every new hire, but after five or six (or ten) your insurer needs to know.
- How many products are you selling? This includes updates and revisions to products you've been offering from the start.
- Have you expanded your services? Maybe you were just a hair salon a year ago, but now you do manicures and pedicures and you're slowly transforming from salon to day-spa.
- Have you renovated your business space? Even if it's just a new sink in the customer restroom or a re-tiled dining room, your general liability insurer needs to know what your building looks like today.
- What equipment do you have on the premises now? New coffee makers, new power tools and new ovens each invite new liability concerns.
Running a business is sort of like raising a child: They grow up so fast. You notice when your kid shoots up a full foot in six months, but you might not notice a quarter inch here and there. The same goes for the features of your business. It's a good idea to revise your general liability policy once a year, even if you aren't making any major changes. After all, those little additions sneak up on you.
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