Most small businesses expect to grow in 2017. With that growth,however, come risks.

According to Insureon.com, 82 percent of small businesses areplanning at least one type of growth this year – and many areplanning to grow in multiple ways. The commercial insurance agencysurveyed 1,006 small business owners after theelection last year on their expectations for 2017.

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The chart below breaks down the types of growth the smallbusiness owners surveyed say they expect this year:

(Click to enlarge.)

However, there's a downside to growth. Small business ownersexpose themselves to added liability whenever they expand. Here's alook at how each of the growth metrics we asked about will affectrisk exposure in 2017.

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(Photo: iStock)

Hiring an employee

One-third of respondents plan to bring a new employee on boardthis year. While this is an excellent indicator of overall businesshealth, it also means as many as 33 percent of small businesseswill need to update their Workers' Compensation Insurance in2017.

Related: 9 ways to double your business in oneyear

(Photo: iStock)

Moving to a new location

More than one in five respondents (23 percent) plan on moving toa new office space in 2017. That suggests growth, whether the moveis from a home office to a commercial building or from an existingoffice to a bigger one. Both General Liability Insurance andCommercial Property Insurance (often bundled together in a BusinessOwner's Policy) are tied to location, though, so anyone filling outa change-of-address form should update these policies with theiragent.

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Offering a new service

Thirty percent of respondents plan to add a service in 2017. Asavvy growth move, expanding service offerings can help attract newclients and increase revenue from existing clients. From a riskmanagement perspective, updating Professional Liability Insuranceis crucial because new services may come with new risks. The updatemay not change much about the policy or its price, but it's a goodway to make sure a business is still covered as its businessevolves.

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Selling a new product

Thirty-four percent of respondents, or just over one in three,plan to introduce a new product this year. As part of thisexpansion, business owners may need to update the Product LiabilityInsurance portion of their General Liability Insurance. That's thepart of the policy that offers protection if a product injures acustomer or makes them ill.

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(Photo: iStock)

Buying new equipment or furniture

A whopping 58 percent of respondents plan to buy new gear in2017. If those items are valuable, business owners should verifythat their Business Owner's Policy or Commercial Property Insurancepolicy has adequate limits to cover them.

(Photo: iStock)

No plans for growth in 2017

For the 18 percent of business owners who don't plan on any ofthe growth discussed, their current small business insurance willlikely be sufficient — unless they're among the 75 percentof businesses that are underinsured. Bottom line: if you're doingother housekeeping work at year end, verifying that your insuranceis up to date is a smart move.

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