Relocation Changes that an Affect your Business Insurance

Relocating your business, even within a state, might mean that you need to make some adjustments to your New Jersey business insurance. You should also consider whether you need extra interim coverage to help protect you financially through the move. You may typically have stock and furniture in-transit that are not usually as vulnerable as they might be while they’re in between sites.

There may be many reasons for a move. Perhaps you are moving from rented premises into your own buildings. That may mean changes to your policies, as you may need to look at property coverage. Conversely, you may be moving into, or adding, a rented building, in which case the building itself may be covered by the owner’s property policy but you are likely to need coverage for the contents. You may be moving into larger premises because your business has outgrown your current site – this could mean that you need to raise the level of your coverage for replacement of stock and equipment once you have the space to add extra inventory to your operation.

The main thing to remember is that changes of location, activities, amounts of stock and staffing may sometimes mean you need to adjust your New Jersey business insurance. It is all too easy to assume that your current policy might be adequate come what may, but that may not be the case. You should call your insurance agent if you have any doubts and discuss with him or her any business changes and how they may affect your coverage in the future.

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