Growing and expanding a business are critical goals for most entrepreneurs and business owners in Seantobia, MS. Regardless of the business type and size, it is always an exciting proposition. However, it also means increased business risk exposure and insurance needs.
That answers our question of whether you need to increase your commercial insurance every time you expand your business. Storey Insurance is here to help you throughout the process.
Workers compensation may increase
It is almost apparent that your worker’s compensation premiums may go up. This is highly dependable on the number of new employees that will be hired to help with the extra workload. Workers’ compensation insurance rates are typically based on the wages and salaries of the employees.
Increased work-related risks
Workers’ compensation reimburses employees for the income lost due to work-related injuries. More employees mean more risks on injuries to the employees irrespective of the type of business. This is likely to increase your premiums by your commercial insurance provider.
Changes in the nature of the business
There are high chances that your core business operations may change. For instance, if your business primarily dealt with wholesale products, you may want to buy vehicles for delivery purposes. Your insurance provider will need to increase your insurance to cover for the cars as well as the new drivers.
Expanding outside Mississippi
If you intend to grow your business into a neighboring state, get prepared to buy more than one commercial policy. Depending on the nature of the business, you may not need to buy two separate commercial policies but two worker compensation policies.
Speak with your Storey Insurance agent before taking a step on expanding your business. For policy inquiries and quotes, visit us in Seantobia, MS today!