As the year winds down, we're staring at just about 100 days left. That's not just a countdown to the festive season — it's a key window of opportunity for smart businesses to revisit their insurance coverage. Running a business is no easy task; it's filled with unexpected hurdles. But knowing you're well-protected offers peace of mind and security, so you can face those challenges head-on. Taking stock of your commercial insurance now is not just risk management — it's a savvy business move. Here's a checklist to guide you through a comprehensive review:
Check Your Commercial Auto Coverage
Are all your vehicles and drivers correctly listed on your policy? If your fleet has grown or shifted or if there have been changes in your driving team, it's crucial to ensure your policy reflects these updates. Outdated information can lead to delays in claims processing or, worse, uncovered incidents. Make sure every vehicle and driver is accounted for in your policy documentation.
Reassess Property and Liability Coverage
Has your business expanded, relocated, or invested in significant purchases recently? These changes might mean your policy needs a tune-up. Added square footage, new equipment, or operational shifts may require new policy terms or increased liability limits. Don't let growth catch your coverage flat-footed when it should be a time to thrive.
Evaluate Your Workers’ Compensation Status
Analyze any shifts in staffing levels, roles, or payroll updates. Accurate employee counts and job descriptions are essential to avoid compliance headaches or inflated premiums. Don’t let outdated information regarding your workforce lead to unnecessary costs.
Review Cyber Liability Coverage
In today's digital age, how you store customer data and conduct online transactions can transform almost overnight. Have there been changes to your digital systems? A cyber attack like a data breach or ransomware could be devastating. Protect your digital assets and operations by ensuring your cybersecurity policy is up-to-date.
Consider Professional Liability (E&O) Needs
Offering new services or taking on larger projects? Your liability coverages should follow suit to guard against risks of negligence or unmet deadlines. Examine your client contracts and make sure you're protected adequately under your professional liability insurance.
By tackling these points now, you're investing in your business's future stability and security. Patching coverage gaps can avert costly surprises down the line. If you find any uncertainties regarding your coverage or spot areas needing attention, don't hesitate. Reach out to an insurance professional to ensure your business enters the new year safeguarded and poised for success.