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couple standing next to businessIt is time for you to expand your business. You are probably excited about the new opportunities you will have. There is no doubt you’ll likely have the opportunity to build a business that you are proud of. 

As with any business, you will need to have proper insurance coverage in place for the new location. In some situations, you can have one business plan that covers all of your locations. 

But it is also important to consider the unique aspects of the new location when purchasing a new policy. It may be better to purchase a second policy.

What Business Insurance Does Your Second Location Require?

Most often, business insurance should be comprehensive, covering all risks associated with the company. Companies need to analyze the unique elements of their company’s new location. That way, they can create a policy that accurately reflects those risks. 

There are several key things to keep in mind when doing this:

  • What is the surrounding area like? In some cases, you may need more security or enhanced property protection. Also, consider the weather in the second location. What added risks are present that could cause property loss?
  • Will employees have the same guidelines and training? This can impact workers' compensation, employee liability insurance, and other components of your plan.
  • Some secondary locations may have a higher risk of injury to third parties. This may be due to their location, the layout of the space or even the parking lot. This may warrant a higher level of liability insurance.

It is still important to have comprehensive business insurance. It should:

  • Cover all of your assets at the second location. Some assets include the structure, outbuildings, signage, equipment, computer systems, and furnishings.
  • You’ll still need liability insurance for completed products or services.
  • Business interruption insurance is often necessary as well. If something impacts business at both locations, you’ll appreciate having a policy that covers all areas of loss.

Most commonly, each location should have its own set of business insurance policies. These policies should outline the specific needs of that location. 

If you need professional liability insurance, or both locations will operate the same commercial vehicles, then you may not need duplicate policies in these individual situations. Your agency can help develop these policies. 

Work closely with a business insurance agent to create a custom policy. This policy should address your unique needs. With customized policies, your new business location can safely thrive.

At Voyager Insurance Services, we can help you choose the right business insurance policy. Visit our website for a fast online quote. You can also call us today at (800) 262-8990 for additional information.
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