Why it’s Important to Annually Update your Business Insurance

When you start a business, you must obtain adequate insurance. However, it’s also important to consult with your insurance agent about updating your plan every year. Our agents at NEC Agency Inc., serving the Brooklyn, NY area, are here for you when making important changes to your business plan. However, here are a few reasons why you must update this plan every year.

You’re Opening a New Location

Many thriving businesses go through changes. One of those changes involves expanding their business in opening a new location. As your business expands, so should your insurance plan. It would be best to let your agent know when you open a new location for it to be included in your policy. Otherwise, you will run the risk of not covering the location and equipment or business assets you store there.

When You Have to Update Your Staff

Another instance where you have to update your business insurance annually is when you hire or let go of some employees. When this occurs in your business, you must increase your employer’s liability protection to include all of your employees who work for you. This involves adding certain obligations such as worker’s compensation insurance to protect them from on-the-job injuries. In the New York area, this can be obtained through the NYS Insurance Fund.

When Introducing New Products

When you have to update your insurance annually, the last indication is when you start to develop new products within your company portfolio. As your business continues to expand, so will its product line. So, it’s vital to inform your agent of any added new products to cover them in your plan.

Contact us for your Business Insurance Needs.

If you need your business plan updated, our agents at NEC Agency Inc. could assist you with this. Contact our office in the New York area today for an appointment.