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Having a successful small business is terrific. Many business owners who find success with a particular business style do well by expanding it. They take a successful style and copy it by establishing a second branch in another location. Work with your agent at Colling Insurance Services Inc. serving Lakewood, CO and the nearby areas, to replicate your business success with a commercial insurance review that incorporates the needs of the original and the new location(s).
If the new location is within the state of Colorado, it is possible to combine coverage in ways that are beneficial to the business owner. If the new location is not within the state of Colorado, your agent can help with recommendations of how to get commercial insurance coverage in another state.
Commercial Insurance Review
In general, having a yearly review of commercial insurance is a good idea. A review is critical before establishing a new location(s). Commercial insurance needs to be put in place prior to starting the business operations to make sure there is no gap in coverage. Even during the period when a business sends staff to get a new location(s) ready for operations, there needs to be commercial insurance already in place.
It is important when considering the impact on the business by a new location to think about business interruption insurance. If a business has two locations or more and there is a business interruption, it can take substantial resources to keep the business from failing. This type of commercial insurance helps the business survive if there is no cash flow coming in to the business.
Compare Increasing Policy Limits with New Policies
Increasing policy limits may be an alternative that may be possible and advantageous when compared to getting a brand new policy for the new location(s). Other considerations include thinking about the use of any commercial vehicles that may be driven by employees from more than one business location.
It is an exciting time when a business wants to open a new location. Contact your agent at Colling Insurance Services Inc. in Lakewood, CO to make sure you have adequate commercial insurance in place for your business expansion.