5 Reasons Why You Should Review Your Business Insurance This Christmas
It’s always a good idea to revisit your business insurance policy at least once a year. Since Christmas is at the end of the year, it’s an ideal time to update your coverage for the new year. It doesn’t have to interrupt your holiday planning and can be done by New Year’s Day.
Here are 5 important reasons why you should review your business insurance this Christmas.
- More Customers at Your Establishment
The holiday season usually brings more customers into a store than the rest of the year. Due to this uptick in foot traffic, the risks of someone having an accident at your place of business increase. That’s why it’s important to make sure you have the right amount of liability coverage to avoid paying for a big lawsuit. Conducting your business insurance review gives you a chance to make adjustments to mitigate worst-case injury scenarios.
- Increased Inventory in Your Supplies
Christmas shopping makes the holiday season the busiest time of the year for manufacturers, retailers and logistics companies. Suppliers must keep up with high demand, which inevitably leads to more crowded warehouses and storage areas for merchandise. The more products you store, the higher the risk that some of the goods will be defective, which can lead to returns and sometimes lawsuits. Your business insurance review will help determine how much coverage you need if goods are destroyed by flooding, theft, or other disasters.
- Protecting Delivery Cash
Many businesses, such as food delivery services, deal with plenty of extra cash during the holiday season. This is often the period when tips are the highest and couriers carry the most cash. You need goods in transit coverage to protect against risks associated with increased deliveries and carrying excessive cash. Check the coverage limits of your general liability plan.
- Higher Risk of Burglary
Some businesses slow down in December as employees take a holiday vacation and celebrate a year of hard work. Unfortunately, burglars break into unsupervised buildings and homes more often during this season. Burglars particularly go after offices without surveillance cameras, noticeable alarm systems, or adequate lighting. Consider raising your coverage limits for burglary.
- Stormy Winter WeatherBuildings can become devastated by rain and wind in the winter, especially if they are several decades old. Every commercial property owner needs to ensure their tenants are safe. A leaky roof can lead to much more expensive damage if building management neglects to fix it. Think about raising your coverage limits for damage caused by storms or other disasters. If you need to lower monthly insurance costs, consider raising your out-of-pocket deductible when you file a claim.
You can upgrade protection on your commercial assets by conducting a year-end business insurance review. Figure out if your risks have changed in the past year and make adjustments accordingly. Some businesses lower their risks by investing more in security. Contact us at Remland Insurance for more information about maximizing your business insurance coverage.