Here are some things to consider to make sure your business is well protected.
The value of your buildings and contents
If the needs of your growing business have led you to renovate, move or expand to another location, then get in touch with your insurer. You might need to adjust your insurance coverage.
And don’t forget your business’s assets. If you’ve purchased new items, it’s important to update your policy to make sure you have enough coverage.
Speak to your insurance company if you’ve added items like:
- Furniture and valuables
- Telephone and computer systems (e.g., tablets, computers)
- Machinery and tools
- Products and merchandise (increase in stock)
- New material and equipment
If your inventory fluctuates during the year and increases to meet demand, such as during the holiday season, then talk to your insurer about Peak season increase coverage. This protection automatically increases your insurance amount for inventory during peak periods.
Your commercial liability
Many factors can affect the amount of liability insurance you need to protect your business. As your company grows, the risks of running your business also increase. Be sure to mention the following changes to your insurer, so you’re adequately covered in the event of a loss.
- New hires
- Changes or diversification in your business activities
- More customers visiting your offices
- Increased revenue
- New branch, sales outlet or office space
Your commercial vehicles
Also, don’t overlook insurance on your commercial vehicles. Tell your insurance company if you:
- Buy new commercial vehicles.
- Expand into another province or country.
- Change the way you use your commercial vehicles.
- Hire new drivers – remember to check each driver’s experience and driving record (claims, violations) to avoid higher premiums and future losses. Our statistics show that a driver who’s been involved in one or more accidents in the last 5 years is around 50% more likely to be involved in another one.1
Count on your insurer for the right advice
If you’re not sure whether a change will affect your coverage, call your insurance company. The best time to go over all your coverage options is at renewal. But if you make changes mid-term, it’s always best to check with your insurer for your own peace of mind.
Want to learn more about our business insurance coverage? See our customized coverage by business sector.
Business growth – changing insurance needs
You’ve invested a lot of time and effort into your business and now your hard work is starting to pay off; you’ve got the wind at your back. Congratulations! This growth has likely changed how you do things, which means your insurance needs may also have changed.
Certain conditions, exclusions and limitations may apply. The terms and conditions of the coverages described are set out in the insurance policy, which always prevails. These tips are provided for information purposes only, are general in nature, and Desjardins Insurance cannot be held liable for them. We recommend using caution and consulting an expert for comprehensive, tailored advice.
1. According to the analysis of the frequency of commercial insurance auto claims at Desjardins General Insurance Group over the last 8 years (conducted in May 2019).