Having a startup business that exceeds all expectations can be quite fulfilling for any owner. But as the company grows, so should your commercial insurance coverage. The Southwest Insurance Center of Austin, TX, can offer several options that boost your coverage needs. Your choice may determine the business’s success moving forward.

Review Your Commercial Insurance Policy

Before you can boost your commercial insurance coverage, review your current policy and identify potential gaps that may need additional protection for the betterment of the business. One of the best options includes adding liability coverage to protect your daily business operations. Reviewing your current commercial insurance policy will ensure the coverage aligns with your daily business needs.

Consider Additional Insurance Options

If your business has substantially grown over the first year of operation, you may have more to lose if your commercial insurance policy has not been updated. It would be wise to explore adding cyber insurance coverage, especially if the daily business practices rely heavily on computer technology. Another specialized coverage option is protecting your inventory from theft. However, some research will be required before selecting an option. Finally, it would not harm to seek further protection against potential profit losses during a work stoppage caused by a natural disaster.

Knowing When to Boost Commercial Insurance Coverage

Too often, business owners fail to recognize the need to change their commercial insurance policy. But as the business continues to expand into more markets, the need to boost your current coverage becomes necessary. It protects against new risks that come with a business reaching new levels of success and achieving a higher profit range.

If you have any concerns about your current commercial insurance policy coverage, contact Southwest Insurance Center in Austin, TX. Our team has the knowledge and experience to boost your coverage, safeguarding your business. Call and schedule an appointment today.

Umbrella insurance extends the liability limits of insurance policies owned by businesses and individuals. Given its value, it benefits many businesses and professions by offering a range of protection and does so inexpensively. If you have questions about how umbrella insurance can help you or your company, consider Southwest Insurance Center, which serves the Austin, TX, area.

Which Professions Need Umbrella Insurance?

Umbrella insurance extends the liability coverage of your underlying policies. For example, many businesses carry liability insurance that protects them against potential injuries suffered by customers or others who enter the business’s facilities. Physicians, accountants, lawyers, and others risk having clients slip, fall, and suffer other mishaps while visiting their offices. Likewise, restaurants, retailers, and shops that allow the public on their premises risk similar accidents. If an accident resulted in liabilities exceeding the limits of their liability policy, their umbrella insurance would step in to pay the additional liabilities up to the umbrella policy’s limits.

Another group that benefits from umbrella insurance is businesses that work on property owned by others. Plumbers, electricians, and contractors risk causing injuries to others or damaging property when working onsite. Likewise, businesses that make deliveries, travel to appointments, or drive for other reasons face the liability limits of damage or injuries in motor vehicle accidents.

Other businesses need umbrella insurance to meet their contractual obligations with government agencies and many private companies. Meanwhile, any business that potentially faces legal action for slander, defamation, libel, or actions should consider obtaining the protection offered by umbrella insurance.

Working With Southwest Insurance Center in Austin

The Southwest Insurance Center team serves the insurance needs of individuals and businesses in the Austin, TX, area. Call us today at (512) 280-6100 or use our online appointment process to schedule an appointment.