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Is Your Business Insurance Keeping Up?

April 29, 2016

As a business owner, you’re no stranger to hard work. You’ve invested time and money in order to grow your operation to what it is today. You play an important role in your community, and your employees depend on you. All the more reason to make sure it’s protected. But is your business insurance keeping up with your needs?

Changes That Can Effect a Business Insurance Policy

Life doesn’t stand still, and neither should your business insurance. Markets change, businesses grow, and your insurance should reflect that. Even seemingly minor changes can have a significant impact on your coverage. Do any of these questions sound familiar?

  1. Has your business substantially increased its workforce?

  2. Has your business significantly decreased its size, revenue, or staff?

  3. Is senior management within 5 to 10 years of retirement?

  4. Have you changed locations, expanded your current one or acquired another location?

  5. Has equipment been purchased or new machinery installed?

  6. Has your business grown to include new states where you operate?

  7. Does the business use social media or have a website strategy?

If you can answer “yes” to any of the above, it’s time to contact your agent. He or she can help you navigate what these changes mean for your coverage and can help ensure you’re protected from the unexpected. Below are some examples of common changes you’ll probably encounter, and what you can do to ensure that your insurance is meeting the needs of your operation!

A Growing Employee Base

An increasing workforce is a great thing, but it also means it’s time to take a good look at your insurance. You want to protect both yourself and one of your most valuable assets – your employees. If you haven’t done so already, you need to have a discussion with your agent about coverages such as:

Employment Practices Liability

You’re forced to lay off an employee, only to find they turn around and file an age discrimination suit. This isn’t true, so you assume that it will come to nothing—then “nothing” becomes $20,000 in legal costs. Wrongful termination, discrimination or harassment aren’t the kinds of scenarios you want to worry about. But if the worst happens, does your insurance have your back?

Workers Compensation

One of your employees is preparing your latest shipment. As they begin taping the box, they cut their finger badly enough that they need medical attention. Workers compensation laws can require you to pay certain benefits for employees who are injured or become ill on the job. Does your coverage include workers compensation? I might be time to make sure it does.

Retiring Senior Management

If anyone at a senior management level is retiring, including yourself, you’ll need to have some form of business succession plan in place. It’s not just for your peace of mind; if your employees know what to expect, it’s easier on them as well. Uncertainty created by a power vacuum can create discord. With a business succession plan, you remove many of the doubts that could create issues for you or your employees down the road. But it’s important to touch base with your agent well before you even get into the planning phases. By planning ahead, you and your agent can help make sure your transition is a smooth one. Are you prepared?

          Learn more about the importance of a business succession plan here.

New Machinery and Equipment

Any new equipment is going to need additional protection. If your refrigeration system shorts out and the food inside spoils, you’re left with both a huge mess and a potentially huge loss. Plus, time is money. An interruption to your business can cost you big time. Options like Equipment Breakdown Enhancement coverage can cover the mechanical breakdown of air conditioning units or systems, refrigeration systems and electrical systems, and can help protect you in the event of business interruption losses. Does your insurance include this extra layer of protection?

Sensitive Information

Social Security numbers, birth dates, drivers’ license numbers, credit card information and public health information are just some of the valuable data customers entrust businesses with. What would happen if your laptop was stolen, and with it a wealth of sensitive information? Data Breach coverage can help reimburse the costs of investigating the cause of the breach, help you notify affected individuals, and can help provide public relations services to help offset damage to your brand. In this day and age it pays to make sure your business is protected, both in terms of bricks and mortar as well as cyberspace.

The Power of SuperCheck®

Are you unsure of what changes “count” and which ones don’t? Are there any hidden gaps in your insurance? Banish uncertainty and protect your livelihood with the power of a SuperCheck. Connect with a Farm Bureau agent to learn more about this free annual service. Because when it comes to insurance enough is enough – until it isn’t.