When you upgrade your equipment, one of the first things you should do is contact your business insurance in Rhode Island agent. The investment you make to keep up to date with the latest machinery and operating systems needs to be reflected by your insurance coverage.
Any time you make major changes in your business you should take a moment to consider the potential impact on your insurance. In this case your upgrade might mean you may have considerably increased the value of assets within your business, compared to the value of the old equipment. Consequently, if you suffered a loss you could be up for higher replacement or repair costs than before. This is why you may need to make adjustments to your coverage. Otherwise if you need to file a claim, you may not receive a payout that will enable you to fully recover your loss.
It can be too easy to overlook this very important task. You need to keep on top of your insurance so that you don’t get caught off guard. Even if you do an annual check of your business insurance in Rhode Island policy, that time may be a way off from the time of your new purchases. The last thing you need is to have something happen before then. Don’t delay – do your updates as soon as you’ve finalized your purchase!