Authored by Sara Weathers

Opening a second office is an exciting milestone for your firm. However, expansion introduces new risks and insurance needs. Before opening, ensure your coverage aligns with your firm's growth.

 

Add the New Location to Your Policy

Ensure your new office and all property, including furniture, computers, and equipment, are included in your insurance policy. Do not assume your current policy covers the new location.

Review General Liability Coverage

A second location brings additional employees, clients, vendors, and visitors. Review your general liability coverage to ensure it meets the requirements of your new lease.

Consider Business Interruption

A covered loss at the new location could disrupt operations. Confirm your business interruption coverage reflects your expanded operations and consider if additional coverage is necessary.

Don't Overlook Cyber Risk

Additional locations increase the number of devices, employees, and networks, raising cyber risk. Ensure your cyber insurance and security protocols cover the new office.

Review Professional Liability Coverage

If the new office enables your firm to take on more cases, expand into new practice areas, or enter new markets, review your professional liability limits and coverage.

Opening a second office reflects your firm’s success, but growth brings new exposures. Reviewing your insurance before expanding helps ensure your new location is protected from day one.