When you expand your Arvada, CO business, you’ll also need to contact Alliance Insurance Services to expand your commercial insurance policy. That’s because your insurance policy was designed to cover your business as is, but once you expand, you have added to your company. That requires an addition to your insurance policy.
When you add employees, for example, you need to increase many types of insurance, including your worker’s compensation coverage, liability, commercial auto, and commercial property. Adding employees means paying more into the worker’s comp system via premiums and, if you add services or production, your increase in employees probably also adds to your liability. A new employee definitely adds to the amount of business equipment you own. If they drive one of your company’s fleet autos, you need to increase the commercial auto coverage because those policies contain coverage for a specific number of drivers. Once you exceed that, the newest drivers go uncovered until you update your insurance policy.
How do you update your commercial insurance?
Contact Alliance Insurance Services for a consultation with one of our insurance agents. We’ll review the changes in your business with you and determine a suitable coverage amount. Ultimately, you need the amount of coverage that would allow you to replace all of your business equipment, for example, if a tornado struck your offices.
You must carry workers’ comp insurance that covers every employee in your company in order to meet with the state and federal laws. When you expand your staff, let us know, so we can provide an updated policy that ensures your business remains covered. Each state sets its own workers’ comp laws, so if you expand beyond the borders of Colorado, you’ll need a policy that covers all employees in all states. That can mean a policy per state.
Your best option is to call us as soon as you start planning to expand your Arvada, CO company. Let us help you update your insurance, so you never have a moment uncovered.