Know When To Update Your General Liability Insurance Policy

​Are you relocating to a larger space? Is it possible to open a second location? Are you introducing a new product or service? Do you need to hire more people? Acquiring more customers? If your company is growing in any way, you should think about increasing your general liability insurance.

It’s a good idea to complete a business inventory and contact our agents, who will help take care of the rest.

Your company does not expand instantly. While you may have recently made a significant expansion, chances are you've been gradually expanding your firm. Those enhancements, though, come with their own set of concerns. As a result, you'll want to take note of everything that has changed since the last time you updated your policy:

What is Your Current Employee Count? 
You might have only had two or three employees when you last amended your policy. You may not need to revise your general liability coverage after each new hire, but your insurer will want to know after five or six (or 10).

Have You Broadened Your Offerings? 
Maybe you used to be a hair salon only, but now you provide manicures and pedicures and are steadily transitioning from a salon to a day spa. Moreover, modifications and upgrades to products you've been selling since the beginning are also one of the factors that you should consider.

Have You Recently Refurbished Your Office Space? 
Your general liability insurance wants to know what your building looks like now, even if it's simply a new sink in the customer restroom or a re-tiled dining room.

What Other Kind Of Equipment Do You Have On Hand Right Now? 
There is other equipment that you might have that is included in your policy. With this in mind, new coffee machines, power tools, and ovens all come with their own set of liability risks.

Conclusion
Managing a business is similar to raising a child: they grow so quickly. When your child grows a full foot in six months, you notice, but a quarter-inch here and there may go unnoticed. The same is true for your company's qualities. Even if you aren't making any major changes, it's a good idea to review your general liability policy once a year. After all, those tidbits sneak up on you.

At American Eagle Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (225) 667-7377. Get your free quote today by CLICKING HERE. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!