When to Revised Your Mississippi Business Insurance Policies

When going into business, entrepreneurs aim for success and enjoy continued growth. Part of your success as a business owner is actively protecting your enterprise, employees, and clients. Often, this includes having a healthy cash flow, a robust benefits package, and measures to shield your clients’ data from cyber threats. Business insurance for your Mississippi company should be at the top of your list among measures to ensure stability and growth. It’s important to remember, however, that insurance policies are not a ‘set it and forget it’ piece of your success. You should regularly review your coverage to ensure all is well and you aren’t underinsured.

6 Scenarios that May Call for Revising Your Business Insurance  

Not only should you review your current Mississippi business insurance policies at the time of each contract renewal, but here are six scenarios to keep in mind as well:

  1. Upgrading a building or workspace. If a covered event occurs, you want to ensure your insurance will help pay for any new upgrades or expansions of the building you lease or own. For example, if you had a building that was 10,000 square feet and you expanded it to 20,000 but didn’t increase your coverage, you face being underinsured.
  2. Adding new products. Part of growing a business is adding new product lines. Giving your customers what they want is rewarding if you have enough product liability insurance. You also want to ensure that your coverage applies to instances like theft.
  3. Covering fraud. Background checks provide a starting point for employees handling money and expensive items. What happens when they fail their moral duties to you and commit fraud? Unless you have adequate coverage for this unforeseen and unfortunate event, you are on the hook.
  4. Adding company-used vehicles. You need proper coverage if you use vehicles in your line of work. You may still need additional policies for employees using their private cars for company-related work. Having the right coverage helps mitigate events where you may be sued.
  5. Signing new contracts with vendors and clients. It’s exciting to sign your first client. That thrill still exists with each one afterward. These contracts have stipulations and obligations that you are required to act on. You may even need to carry certain types of insurance for some contracts. Talk to your preferred insurance agent when you sign a new contract.
  1. Changing the corporate structure of your business. One aspect of growing a company is the possible changes to its structure. For example, you may have started as a small partnership of three people, and now you’ve grown to add a board of directors. To attract people to serve in these positions, you will want to have a policy to cover them, too.

Protect Your Company and Save on Business Insurance in Mississippi

Company growth is crucial to our Mississippi economy. Whether you need business insurance for the first time or because of growth, talk to the team at Hawsey Insurance. We have served the state of Mississippi for years with quality policies fit for your thriving company. We are happy to review your current policies and help you get what you need. Don’t have coverage yet? We can help you get started when you contact us today.

Call Hawsey Insurance at 601-856-7707 for a Mississippi business insurance quote. Feel free to contact us online or make an appointment to stop by our Madison, Jackson, and Southaven, MS offices.