If you don\u2019t have proper coverage, then you may be a single accident away from losing it all. How does a second location affect your coverage, and how can you know whether you have enough protection? Keep reading to discover the answers! <\/p>\n\n\n\n
1. More Things to Cover <\/h2>\n\n\n\n
The primary way that opening a second location<\/a> affects your commercial policy is that you now have more structures and property you need to insure. For example, if the new property is an exact copy of the old property, you now have twice as many things to insure. <\/p>\n\n\n\n Remember that the situation may vary for many business owners. For example, if the second location is smaller or otherwise doesn\u2019t have as much important property in it, it may not require as much business coverage<\/a> as your first location. But if the new property is somewhere dangerous, you may need more coverage, and if it\u2019s in another state, you may need a new carrier altogether. <\/p>\n\n\n\n You do not necessarily need to take out a second commercial insurance policy<\/a> to cover a second location. Instead, it may be sufficient to simply increase coverage under your existing plan. <\/p>\n\n\n\n Once you have a second property, it\u2019s never enough to keep your plan exactly as it was before. If you do so, then you won\u2019t have enough coverage for a second building and a second set of equipment. As we noted before, insufficient coverage means you might be one accident away from losing your entire business! <\/p>\n\n\n\n We recommend consulting with your existing carrier about the best way to cover the second property while also getting quotes from different companies. By negotiating with your current carrier and shopping around for different commercial plans, you can get the best coverage at the best rates. <\/p>\n\n\n\n You will most definitely pay more for commercial insurance after opening a second location. This is because you have more structures and property to cover. <\/p>\n\n\n\n This holds true whether you adjust your current policy for both locations<\/a> or you take out a second policy altogether. While negotiations and shopping around can help you save more money, it will also be more expensive to cover two locations than one.\u00a0<\/p>\n\n\n\n It may be worth asking your current carrier whether they offer a blanket or commercial package plan<\/a>. Such a policy helps protect multiple properties run by a single business, and that may be the best solution for your needs. <\/p>\n\n\n\n These are the policies used by franchises, apartment complexes, and any place else that needs to cover multiple properties using the same company. While blanket coverage isn\u2019t for everyone, it can be a real benefit, especially if you think you may expand to a third property (or beyond) in the future. <\/p>\n\n\n\n 5. The New Location May Be More Expensive To Insure <\/p>\n\n\n\n The actual neighborhood where your second location does business may drive your commercial premiums up or down. It all comes down to whether the carrier thinks this is a safe neighborhood or not. <\/p>\n\n\n\n What does that mean, practically speaking? Basically, if a certain zip code has a higher number of claims, then premiums are higher. For example, if there have been many claims due to neighborhood robberies, your second property may be more expensive to cover because, statistically speaking, it\u2019s likelier to get robbed. <\/p>\n\n\n\n Fortunately, the reverse holds true: If your second location is in a safe neighborhood, it can help to keep your premium low. Unless your business is fully online<\/a>, be mindful of location, location, location when it comes to insurance! <\/p>\n\n\n\n Most businesses expand by opening their second location somewhere in town. If your second location will be in another state, though, you may have no option but to take out a separate policy from a separate carrier. <\/p>\n\n\n\n There are two primary reasons for this. For one thing, different states have different rules regarding commercial policies, so you may face legal hurdles trying to use the same carrier. Even if there are no legal hurdles, the second reason is that there is a chance your existing carrier does not offer coverage in the state<\/a> where your new building is located. <\/p>\n\n\n\n If you\u2019re reading this, it\u2019s because you are interested in giving your second location the coverage it deserves. However, take it from us: It\u2019s worth reassessing your needs each year, whether or not your business is expanding. <\/p>\n\n\n\n That\u2019s because businesses change all the time. You may have different commercial needs from year to year, and those needs aren\u2019t being met if you just stick with your old plan. But if you honestly assess how your needs have changed over time, you can get a better plan and even a better carrier to protect your growing business<\/a>. <\/p>\n\n\n\n Now you know how opening a second location affects your commercial insurance. But do you know where you can find the best coverage for your growing company? <\/p>\n\n\n\n At InsureOne, we\u2019re here to help your business thrive. We are always ready for you to get a quote online<\/a>. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240<\/a>. Finally, feel free to come into one of our nearby offices<\/a> at your earliest convenience!\u00a0<\/p>\n\n\n\n2. Changing Your Policy <\/h2>\n\n\n\n
3. Raising Your Premiums <\/h2>\n\n\n\n
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<\/figure><\/div>\n\n\n\n4. Changing Coverage Type <\/h2>\n\n\n\n
6. New State? New Insurance <\/h2>\n\n\n\n
The Importance of Reviewing Your Policies Each Year <\/h2>\n\n\n\n
Protect Your Second Location with the Best Coverage Today! <\/h2>\n\n\n\n