4 Purchases You Didn’t Know Leave Small Businesses At Risk
You’ve worked hard at building your business – and growing was always in the plans. But often times, small business owners forget to scale their policy as their company grows. You just overhauled your entire office with brand new computers, equipment, and upgraded your systems – but you forgot to update your policy. What’s so bad about that, though?
One day, your office is caught in a fire from the restaurant next door – and you lose everything. You need to file an insurance claim, but your policy only covered your 1998 Windows Vista computers and sloth-like copier. You’re going to come out of pocket if you want to restore your office back to the 21st century.
Here are 4 upgrades your small business has most likely already made, or is planning on making, that could affect your insurance policy:
New Equipment
Purchasing the latest and greatest in technology is exciting! Whether you’re a dentist upgrading your equipment, or a company simply looking to rollout laptops to all your staff members, you’re going to need to bump up your insurance, too. What could end up costing a little more, could end up saving you a heap later.
Or perhaps you’ve considered what it costs to replace new equipment, but rather haven’t thought about the disruption to your business without it. If you’re a business complex who loses power, think about the time and resources lost for an entire day. Most small business owners can’t afford going a day or two without operating – it’s important to prepare for it.
If your small business has purchased, or is considering purchasing, new equipment, make sure you meet with your insurance agent to ensure you’ve got adequate coverage.
Office Improvements
The idea of improving your space is exciting! New flooring, upgrading to automatic lights, and even putting in that long-awaited break room for your staff! It’s hard to get past the excitement of it all. Don’t you want to make sure your hard work, resources, and time is protected in any circumstance? You want to be able to replace your brand new hardwood floors with hardwood, and not the vinyl you previously had in your policy. Furthermore, if you make energy-efficient upgrades, like solar paneling, you’re eligible for discounts! Who doesn’t want to save a little dough? Take the time to meet with your insurance agent in Prescott at least once a year to make sure you’re completely protected, at the best rate.
Security
Remember how we said you could save some money earlier? Installing a security system is a great way to reduce your policy premium. If you’ve already installed a security system – have you talked with your Prescott insurance agent to see if you’re eligible for discounts?
Electronic Data
If your company keeps electronic customer files, or takes payment online, you know the risks of hackers and data corruption.You need to make sure you’ve got sufficient coverage in the event of a breach in cyber-security. Remember what happened when Target’s customer data was compromised? That’s a huge mess no one wants to face – let alone underinsured.
We definitely want to see your business succeed here in our hometown of Prescott! But it’s important to make sure you’re protected. Take the time to visit with your insurance agent at least once a year to make sure any upgrades, improvements, or other changes to your business are protected.
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