While insurance covers you in the occurrence of a catastrophe, owning the right type depends on how your company will grow. You can keep things simple at first, but you'll want to know that you're protecting yourself against potential disasters as your business grows. So, what do you do? You adapt your insurance to your changing business needs.
How Insurance Plays a Role in Your Growing Business
As your business grows, you'll want to know that the type of insurance you have reflects the changing nature of your business. Start with a base set of insurance policies, and then check your coverage periodically, adding additional protection as your business grows.
Here are a few insurance types you might want to consider as your business grows:
Business Interruption Insurance
As a company grows, it must assume that it will face some type of operational interruption, even if just a one-day change in schedule. This type of insurance covers losses or income you would have made had your business not been interrupted. It will be helpful if your operations are suddenly interrupted by a fire or a flood.
Professional Indemnity Insurance
While professional indemnity insurance helps protect your business from lawsuits, it also helps protect your business' brand image. As your company's reputation grows and the value of your business increases, so, too, does the importance of your company's brand image. With this type of insurance, you're covered for any claims and damages arising from negligence or lack of skill or competence.
Employment Practices Liability Insurance
When you hire employees, you are responsible for their actions, and sometimes, those actions can hurt your company. This type of insurance helps protect your business if your employees do something to hurt your company's reputation. It can include discrimination, sexual harassment, wrongful termination, copyright infringement or other claims against you.
Directors and Officers Liability Insurance
This type of insurance provides protection to the directors and officers of a company if they are sued for something they were not directly responsible for. This insurance is typically purchased to cover everything from the board of directors to the CEO.
Umbrella Insurance
Umbrella insurance is an added level of coverage that fills the gaps between the existing insurance policies you have in place. These policies are often purchased to cover losses when the coverage limits have been exceeded by other insurance.
Commercial Auto Insurance
Most business owners are required to carry commercial auto insurance to cover the use of their vehicles in the course of their business operations. This insurance is typically not needed for business owners with no employees but must be carried if a vehicle is used to transport employees or clients.
Cyber Insurance
Cyber insurance covers business owners for any losses that may occur as a result of someone hacking into your network. This type of insurance is becoming increasingly important as the number of cyberattacks grows.
The Bottom Line
Insurance is an important part of a growing business, as it helps protect your company's assets. As your company grows and your insurance needs change, you might want to consider insurance for new aspects of your company, such as a changing location or the types of products or services you offer.
Get business insurance in Gold Coast today. New Wave Insurance can help you find the right policy to cover the needs of your growing business. Get in touch with us.