As a business gains traction, achieves success and expands, it can outgrow its original location and facilities, making a move to a new, larger site necessary.
Don’t forget to consult with an insurance professional as part of researching that new location, however. The results can be either advantageous or detrimental to your ongoing financial health.
Any change in how a business operates – including where it positions its facilities, equipment, and personnel – requires an analysis of coverage. Physical location can be impacted – either positively or negatively – by factors including:
- The likelihood of severe weather, like hurricanes, windstorms, tornadoes, or hail.
- Does the property sit in a floodplain? Is flooding becoming more common due to the effects of climate change?
- Whether the area shows a statistical trend regarding crime, vandalism, and theft.
- The condition of existing infrastructure, such as plumbing, electrical wiring, and HVAC, as these help to determine the chances of causing fire or water damage.
Similarly, a new service or line of products pursued as part of a business’ expansion plans also introduce new variables in terms of number of employees, equipment needed, safety procedures, and much more – all of which need to be incorporated into a package providing the best insurance coverage possible.
“New” in the world of business should mean “better.” To safeguard your investment on the road to improving your overall performance, make sure you have the right insurance protections in place, as well.
Contact the professionals at The Reschini Group for more information.
Copyright 2022 The Reschini Group
The Reschini Group provides these updates for information only, and does not provide legal advice. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.