As a small business owner, you’re no stranger to hard work. You’ve invested time and money to grow your operation into what it is today. You play an important role in your community, and your employees depend on you. As your business grows, make sure your small business insurance is keeping up with your needs.
1. Your Business Is Changing
As your organization evolves, so do your insurance needs. Has your business substantially increased its workforce? Have you significantly decreased in size, revenue or staff? Have you changed locations, expanded your current location or acquired a new one? Do you now operate in a new state? If the answer to any of these questions is “yes,” check in with your insurance agent.
2. You Have a Staff
Unfortunately, having more people working for you can also mean more turnover. Say you’re forced to lay off an employee, only to find out that they 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 and harassment suits can be brought against your business, even if you’re in the right. Make sure your insurance has your back. Update your small business insurance by making sure that your policy includes employer liability insurance.
3. There’s a Chance a Worker Could Get Hurt on the Job
Say that one of your employees is preparing a shipment. As they begin packaging, they cut their finger badly. Workers compensation laws can require you to pay certain benefits for employees who are injured or become ill on the job. Both worker’s compensation and employer liability insurance will help ensure your small business is covered.
4. Members of Senior Management Are Approaching Retirement
If anyone in senior management is within 5 to 10 years of retirement, including you, you’ll want a business succession plan. This will allow you to remove the doubts or uncertainties that could create issues for you or your employees down the road. Be sure to touch base with your agent before the planning phases.
5. You’ve Purchased New Machinery or Equipment
New equipment needs new protection. If your refrigeration system shorts and food spoils, you’re left with a loss. Options like Equipment Breakdown Enhancement coverage can cover the mechanical breakdown of equipment, including refrigeration and electrical systems. It can also help protect you in the event of business interruption losses. Depending on your small business, you may benefit from this kind of policy.
6. You Need to Protect Against the Theft of Sensitive Information
What if your laptop were stolen — and a wealth of sensitive information with it? Data Breach coverage can help reimburse the costs of investigating the breach, help you notify affected customers, and provide public relations services to help offset damage to your brand. Having this type of small business insurance coverage can be critical to your business, especially in today’s age.
The Power of SuperCheck.®
Does your business insurance have hidden gaps? Connect with a Farm Bureau agent and make sure your company is fully protected.