Your company can face risks from just about any area, from employee and client information to building security to fraudulent handling of funds. Here’s how to successfully identify and manage risk at your organization to prevent loss of personnel and revenue.

• Risk identification: Risk management starts by identifying and defining potential risks that can negatively influence the company at any level. An example is a data leak that would lead to the company exposing customer data, such as credit card information or addresses.
• Risk analysis: When a specific risk is identified, the company assesses the odds of the risk occurring and what the consequences of it occurring are. When a risk is appropriately assessed, a company can better understand how to prepare for its possibility.
• Risk evaluation: Is the risk acceptable? Is the risk dangerous to the foundation of the company or success of its projects? A company can evaluate the consequences of a risk and work to better understand the answers to these questions.
• Risk mitigation: Companies look at the risks most likely to occur and most dangerous to the business and then work on a plan to both prevent the risk and manage it should it come to pass. This is an important step of the process that often involves consulting with leadership and even an outside risk consultant. Having a smart contingency plan is one of the most important parts of a risk management strategy.
• Risk monitoring: Follow-up is crucial. As a business grows and changes, the risks associated with running it change too. It’s important to never assume that once you’ve planned for something that you can go on auto-pilot and never revisit it. It’s important to track existing risks and account for new ones. The risk management plan should be adjusted and updated accordingly.

Risks can be a huge disruption to your business and make it much harder to meet your goals. Business insurance absolutely helps to protect you against risks that can’t always be prevented. But risk management is important in ensuring that you can file fewer claims and overall deal with less hassle. Our Work Smart program includes best practices information in areas from hiring to pre-incident planning to help your company be better prepared. Give us a call to discuss your insurance options and risk management planning today.

Business insurance might feel like every other insurance policy out there – something you need to have to operate legally. But unlike owning a home or a car, owning a business actually generates income. Having business insurance can actually help grow your business and strengthen your position with potential customers and clients. It also can help you function more confidently as a business owner, which can improve productivity, clarity of mind, and decision-making.

1. Legitimacy: There’s a reason you see commercials, ads, and truck wraps that say “Licensed, Bonded, and Insured.” It’s key to inspiring customer confidence – in fact, customers have come to expect it as a mark of a solid business. Being able to make this claim in your marketing materials and customer-facing outreach can be key to growing your business. This might be particularly important for new and growing businesses.
2. Legacy: Business insurance is, of course, a way to protect your assets. Because of this, it can help to ensure that your business will continue successfully for a long time. If you’re hoping to pass your business on to someone or hoping to sell it down the line, insurance can help ensure that reality. You won’t have to worry about a lawsuit or natural disaster draining your bank account and resources.
3. Uninterrupted service: Having the right insurance means that if the worst should happen, you have a partner who can help you understand the process and walk through it with you. That means you’ll still have the resources – like time and money – to provide for the service your customers count on.

These underrated parts of having business insurance make choosing the right insurance partner all the more important – it’s not just about getting the lowest rate, but about having your business needs understood. Call us today to get a quote and talk about how we can help not only protect your business, but also help strengthen it.

In today’s economy, it is not uncommon for companies to experience financial difficulties, and some may even have to file bankruptcy or close temporarily. The lucky ones are able to reorganize. Just because a company declares bankruptcy, it is not absolved of all insurance requirements. Here are a few important facts company owners should know concerning insurance, bankruptcy and company reorganization.

Any insurance that is compulsory for companies must be continued even if a company is filing for Chapter 11 (reorganization) or Chapter 7 (liquidation). State and federal financial responsibility requirements must be maintained.

Any contracts requiring insurance coverage will still need to be upheld, meaning if a contractual relationship requires liability or another type of insurance, the insurance requirements still apply for as long as the contractual relationship exists.

Basically, companies experiencing financial difficulties including bankruptcy and reorganization should maintain insurance coverage. Some insurance companies may issue a cancellation of coverage once they learn of an impending bankruptcy or a renewal policy may not be offered. This will vary based on the insurer and on state insurance laws.

Claims against a company’s in-force insurance policies at the time of bankruptcy may be paid through a dedicated trust fund set up as a source of recovery for claimants. A bankruptcy court approves provisions made to satisfy insurance claims. Bankruptcy laws concerning insurance during bankruptcy or reorganization may vary by state so it is best to seek legal advice from a qualified bankruptcy attorney in your area.

All companies sometimes experience financial hardships, but it doesn’t have to mean the end of the road for your business. Consider a qualified financial counselor to help your business work through difficult times. If you do file bankruptcy, consult with a business insurance professional to make sure you maintain any federal- or state-mandated insurance requirements.

Running a business is a rewarding journey. But even the best business owners can’t plan for every liability. Every year, businesses everywhere experience some form of financial or property risk. Here are the top insurance claims businesses make.

1. Theft: The most common insurance claim is to cover instances of theft. This can come from internal loss, such as employee fraud or customer theft.
2. Property damage: A large percentage of business claims are to repair the damage done from weather. That can include serious structural damage, including a roof or pipes damaged from cold weather, as well as wind and hail damage.
3. Fire damage: Fire can destroy property quickly, unfortunately. This is a serious claim that businesses owners would rather not find themselves having to make.
4. Customer injury: Businesses that host in-store customers are vulnerable to customer injuries. Customers can slip and fall in cold or wet weather, if the floor is being cleaned, trip over inventory, or even have stock fall on them. And if the public is regularly in your location, this can be an even more serious hazard.
5. Product liability: Companies that manufacture products that customers buy – cars, toys, appliances, etc. – occasionally end up taking out claims because their product was faulty. Claims because of product failure are usually for the costs associated with recalls or customer injury.
6. Vehicle accidents: Claims from vehicle-related accidents are becoming more common. Businesses who use fleet education and accident prevention can reduce those claim numbers even further.

Make sure you avoid a costly lawsuit or other business-damaging claims. Protect your assets with an insurance plan that takes the time to understand your business and create a risk management plan that works for you.

We’ve all heard that story – the “I didn’t know it wasn’t covered” story. People who get in a car accident didn’t realize that they’re not covered for renting a car while their vehicle is repaired, or homeowners find out they aren’t covered for flood damage when they go to file a claim. How do you keep this from happening to you at your business?

Here are some of the specific insurance coverages you may consider adding into your business insurance policy:

General Liability: This is coverage against claims for injury on your business property.

Product Liability: This offers protection in the event of faulty products that lead to damage, illness, injury or death.

Property Insurance: Protects your commercial business property against losses caused by fire, storms, or other damage.

Commercial Vehicle Insurance: Covers damage company vehicles, injury to company employees, and overall provides protection against company liability in the event of an accident.

Workers Compensation: Coverage for your employees in the event of illness or injury at the workplace.

Cybercrime Insurance: This is relatively new type of insurance that can help provide protection in the case of a cybercrime, like data theft or loss of revenue due to a website being compromised.

The biggest key to making sure you don’t have any gaps in your coverage in case of a crisis is working with someone who can learn about your business and make the recommendations that are right for you. It’s important to work alongside an expert to create your policy; it’s equally important to take the time to read and re-read the policy contract to make sure everything you want is there and that you understand all the fine print before signing. While there are plenty more exciting things to spend your time reading in your business day – like soaring sales reports – this document is one of the most foundational in securing your future.

Whether your business is brand new or an established pillar of the community, we can make sure that you’re covered for what you need and ensure there are no gaps in your coverage. To help examine your current coverage or create a custom coverage proposal for your business, call us today.