Start the Year Right: 10 Business Insurance Tips

1. Consult with your Insurance Professional

Business insurance can be complex and your needs aren’t static. With growth and other changes in business circumstances. it’s smart to consult with your insurance professional to review coverage to ensure your coverage is adequate and avoid gaps. Your agent can help you review policies, recommend updates, and find cost-effective solutions.

2. Review Your Current Policies

Take a detailed look at your existing policies. Ensure that your coverage limits, premiums, and terms match the current size and scope of your business. Adjust for growth or changes over the past year.

3. Update Your Coverage for New Assets

If your business acquired new equipment, technology, or property in the past year, make sure they’re covered. Undervalued or missing assets in your policy can leave you unprotected.

4. Assess Liability Coverage

Liability lawsuits can be costly. Review your general liability, product liability, or professional liability policies to confirm they’re adequate to handle potential risks.

5. Protect Against Cyber Threats

Cyberattacks are becoming increasingly common. Cyber liability insurance can help cover costs associated with data breaches, ransomware, or other cyber incidents.

6. Evaluate Business Interruption Insurance

Disasters can disrupt your operations. Business interruption insurance compensates for lost income during downtime caused by covered events. Ensure your policy includes enough coverage to support payroll, utilities, and other essential expenses needed to maintain operations.

7. Bundle Policies for Cost Savings

Consider consolidating your policies with a single provider. Bundling commercial property, liability, and other coverages can often result in discounts.

8. Ensure Compliance with Local Laws

Regulations vary by location and industry. Verify that your insurance meets all local legal requirements to avoid fines and penalties.

9. Plan for Employee Coverage

If you’ve added staff or expanded employee benefits, review your workers’ compensation and health insurance policies to ensure they’re adequate and compliant.

10. Prepare for Natural Disasters

Depending on your location, consider specialized coverage for natural disasters such as floods, earthquakes, or hurricanes. Standard policies may not cover these events.

By staying proactive and keeping your coverage updated, you can protect your business from unexpected challenges and set the stage for a successful year ahead. Take these steps today and give your business the security it deserves. If you need guidance on any of these topics, Murphy Insurance Agency is here to provide assistance. Helping you manage risk is what we do.