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Insurance Changes Needed When Your Business Switches to Brick and Mortar

Some of most successful businesses started off small, whether in home offices, garages, through online shops, food trucks, or farmer's markets. Over time a humble startup can grow and expand to brick-and-mortar locations, and with that growth comes important financial changes and decisions. In today's Aegis blog post, we look at some of the insurance changes that arise when your business expands into a brick-and-mortar location, and how Aegis can help navigate those changes.

Commercial Property Insurance Expansion

The insurance needs of a company can change over time, but these changes are never more pronounced than when a company outgrows their home office, online shop, or food truck to expand into a full-fledged brick-and-mortar location. Transitioning to a brick-and-mortar business means that Commercial Property Insurance needs to be updated to include their new physical location, as well as new company assets and equipment that will go inside that building. Commercial Property Insurance should also be expanded to include comprehensive Fire Insurance and Flood Insurance as these risks can increase with a larger physical location.

Increased Workers Compensation Policy

When a business grows to the point of needing to expand to a larger physical location, then it's also likely that the number of employees will grow as well. With more employees comes greater liability risks for business owners, so having quality Workers Compensation coverage in place is essential. This is especially true for businesses with higher liability risks for worker injuries and accidents, such as restaurants, bakeries, retail shops, and contractors. Expanding businesses should ensure that they have the Workers Compensation coverage in place to cover medical costs for injured workers, and to protect the future of the company from any potential worker liability claims.

Additional Business Liability Coverage

Finally, the expansion of a business into a physical brick-and-mortar location means that other kinds of Commercial Insurance may need to increase or be added to the existing insurance portfolio. For example, a home-based bakery or online retail shop that expands to a physical storefront will need General Liability and Excess Liability coverage to protect against liability claims from customers who might be injured on their commercial property. Also, home-based cooks or bakers that open their own restaurant might need Commercial Auto Insurance to cover delivery vehicles or catering vans. Also, business with physical storefronts will also need Business Interruption and Utility Interruption coverage to ensure that their business will survive even if they are without key utilities or closed due to a major covered event.

Businesses are a key part of our country's growth and longevity, and Aegis Insurance & Financial Services is proud to support local businesses as they strive for continued success and expansion. We partner with companies across all industries to support them and help them meet their unique industry needs and goals. If you're a business owner looking to expand your business to a full-fledged brick-and-mortar, open additional locations of your existing brand, or need help navigating the world of Commercial Insurance, contact the team at Aegis Insurance & Financial Services.

Our Commercial Insurance experts can help create a Commercial Insurance portfolio that meets your insurance and budget needs while also providing world-class financial protection and peace of mind. Contact our Aegis office today at 713-850-7622 or fill out our online form to request a free quote!

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