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Insurance Upgrades When Expanding Your Business

Expanding your place of business may require temporary or permanent commercial insurance upgrades. Assess the expansion project. This will help you determine which type of coverage to add to your existing insurance policy.

Material Coverage

Your commercial insurance policy should cover raw materials used during the expansion project. Machinery, tools, and human error could damage the materials while the project is underway.

If you have adequate coverage for the materials, you can acquire replacement materials if an accident occurs.

Equipment Coverage

If you decide to perform many of the upgrades yourself, you may want to protect the equipment used throughout the expansion project.

You should add any valuable items, including power machines, vehicles, and other high-tech items, to your existing insurance policy. 

Liability Coverage

Increased liability coverage will protect against injuries that occur while the expansion project is underway. Before you acquire this type of coverage, inspect the premises where the project will take place. This type of inspection should be conducted professionally.

The inspection results will determine the worksite’s danger. After reviewing the results, choose the amount of liability protection you need to add to your existing insurance policy.

Insurance Terms

Once you have chosen the insurance upgrades you want to include in your commercial insurance policy, decide how long you will maintain the coverage.

Some of the coverage may only be needed while the expansion project is active. Take note of the upgrades that you will only need temporarily.

Contact Armadillo Insurance Agency

Our agents at Armadillo Insurance Agency will add the upgraded types of coverage to your existing insurance policy. Schedule an appointment to speak with a representative who serves Austin, TX.