If you are getting prepared to launch your company, it is vital to purchase the coverage needed as soon as you can. If you do not, you might need to pay for all of the associated costs after an accident. Below are 8 situations where you might have to invest in extra coverage:

For your insurance provider, get in touch with Steely and Smith Insurance at (215) 345-9410 today!

1. Your insurance policy needs to be renewed. At a minimum, you ought to assess your coverage one time per year at the time of renewal.
2. Your revenue has decreased or increased. If you have experienced a substantial decrease or increase in revenue, it might be time to adjust your insurance coverage.
3. Your company operations have changed. Various kinds of businesses require different kinds of insurance. If you have changed your service or product offerings, you might need extra coverage.
4. You have fewer or more employees. If you have more staff members working for you now than you once did when you purchased the policy, you might require more coverage. Plus, if you have fewer staff members, you might require less insurance.
5. You moved. Did you outgrow your home office? Did you move over to a new building within a different area of town? Did you open extra locations? If the answer was yes to any of those questions, it is time that you revisit your policy then adjust your insurance coverage accordingly.
6. You purchased cars or trucks. If you bought vehicles to use within your business, you will have to invest in commercial car insurance — or add the new cars and trucks to an existing policy, if that applies.
7. You purchased new equipment. Have you recently bought a new lawnmower for your landscaping business or new excavator for your construction company? If you have, you might need extra insurance, in order for you to have enough coverage if the equipment must be replaced or repaired.
   8. You changed up your business’s structure. Whether you moved from an S Corp, an LLC or partnership, or sole proprietorship, if you changed your business’s structure you might have to update your coverage to ensure that you are appropriately protected.

As you create a list of all of the professionals you should add to your speed dial, do not forget your insurance provider. Get in touch with Steely and Smith Insurance at (215) 345-9410 right away for more details!