Looking for Greener Pastures?
Adding new pieces to the portfolio? Whenever large assets are in motion, it’s important to take time to ensure the accompanying risks are identified and minimized.
Here are a few things to keep in mind:
What you don’t know can hurt you
Buying out an existing business that you’re planning on adding to your corporate umbrella? Make sure you know the risks and exposures that you’re buying with it. Special options are available that can protect you from any “surprises” left by the outgoing parties (including breached contracts and other liabilities).
Assets on the move are assets at risk
Moving all of your office equipment to a new location? Make sure your provider is kept up-to-date, and is given all the relevant info when it comes to the logistics of the move. You don’t want to get caught in a situation where severe damage isn’t covered because the transportation company had a limited liability policy that you weren’t aware of.
New property means updated policy
Whether moving across the street or across the country, ensure that your policy is updated to reflect the new physical realities. (It’s also a good time to allow us to do some shopping for you, especially if you’ve had the same policy for a while.)
Never assume you didn’t forget something
It’s easy to get so lost in the hustle that you overlook some aspects of the change that have non-obvious insurance implications. Say your old building had a back-up generator, but your new one doesn’t yet. Will your policy cover you if the grid goes down and you have a loss of revenues? The details matter. Use your broker as your second set of eyes.
BrokerAge has a team of local partners and brokers available to help you expand or move with minimal risk. Book a meeting with them today.