Back to Business: Why September Is a Great Time to Review Your Business Insurance

As the seasons shift from summer to fall, businesses begin to gear up for the holiday season. This presents a great time for business owners to review their business insurance policies and make considerations for new risks and exposures, such as hiring seasonal workers.

What Coverages Should Businesses Have?

Business owners should consider the following coverages for their businesses:

• General liability insurance can help cover the costs of claims of third-party bodily injury and property damage occurring due to your business operations.
• Commercial property insurance may help financially protect your building, equipment, and inventory in instances of fire, theft, vandalism, and weather events as outlined in your policy.
• Business interruption insurance may be crucial coverage if your business must pause operations due to a covered event, such as a fire. It may help pay ongoing expenses or cover lost income.
• Workers’ compensation insurance may help cover medical costs and lost wages for employees who are injured or become ill on the job.

Why Timing Matters

The last quarter of the year is a great time to reflect on how the year has unfolded for your business and prepare for the holiday season. Reviewing your insurance at this time can help you with the following:

• Consider any coverage gaps and address them.
• Adjust polices based on staffing or operational changes.
• Prepare for weather-related risks and how they may affect your property and employees.
• Ensure you’re compliant with current regulations and contracts.

Contact Us

Reviewing your business insurance coverages now can help you end the year on a strong note. The professionals at Insurance Agency Alpha & Omega in Santa Maria, CA can help you review and adjust your coverages to suit your business’s needs and budget. Contact us today for more information.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.