Moving to a new office? Here’s what your insurer needs to know
Whether you're expanding your business, downsizing or you just found a place with lower rent across town, a new office means you're going to have to make some changes to your existing business insurance policy. The rule of thumb is the same as always: The more your insurer knows, the better they'll be prepared to provide you with the coverage that you need.
But there are a few points you want to make sure not to forget:
Update your inventory.
Chances are you're going to be picking up some new equipment or leaving old equipment behind in the move. You may be selling off that old copy machine or buying some new laptops for the bigger office. You don't want your new stuff to go uninsured, and you don't want to be paying insurance on property you don't even own anymore. Keep an updated inventory and let your insurer know what your setup looks like in the new office.
Who's doing the moving?
It's a good idea to consult with your insurance provider on handling the move. You may find that your insurer won't cover certain equipment that you try to move yourself. They might require you to invest in certain moving equipment like hand carts to make the move safely. They may even be able to recommend you to a good moving company in your area. You and your insurer have one very important thing in common: They don't want you to have to file a claim. If you can call them up early in the process and get their input, they should be able to help you out.
Does this move come with a change in staff?
Your employees are your main concern when it comes to insurance. Maybe you can cover a broken printer out of pocket, but you need to make sure that your employees have all their needs covered. It's always a hectic time when preparing a move, but make sure you update your insurer on who's leaving, who's being hired, and how many people you have working under you right now.
The best advice is always going to be the same: Call your insurance agent early in the process. They'll let you know what you need to do to make the move without losing your coverage.