Don't Let 100 Days Slip By: A Call to Action

With only about 100 days left in the year, it's a crucial time to revisit your business insurance coverage. Running a business is challenging enough without the added stress of unforeseen risks. Yet, ensuring you’re properly protected can offer peace of mind, making it both a risk management strategy and a smart business decision. Here's a checklist to help you identify potential coverage gaps and secure your business before year-end.

Workers' Compensation Coverage

First on the list: review your workers' compensation policy. Have there been staffing changes, payroll updates, or role restructuring in your company? Inaccurate employee counts or outdated job duties can result in compliance issues or incorrect premiums. It's essential to keep this part of your insurance current to avoid costly discrepancies.

Cyber Liability Checks

Next, evaluate any changes in your digital systems, customer data storage, or online transactions. The digital world comes with its own set of risks: data breaches, ransomware attacks, and increased online exposure. Staying on top of your cyber liability coverage can protect your business against such cyber threats.

Professional Liability (E&O) Assessment

Have you introduced new services, or have client contracts evolved? Are you handling higher-stakes projects? It's crucial to update your professional liability insurance to safeguard against claims of negligence or missed deadlines. Ensuring your E&O policy is up to date shields you from potential legal pitfalls.

Revise Property and Liability Coverage

Consider any recent expansions, relocations, or significant purchases. If you've added square footage, acquired new equipment, or made operational changes, your property and liability policy may need adjustments. Increased liability limits or updates can prevent unforeseen insurance gaps.

Commercial Auto Coverage Verification

Finally, verify that all business vehicles and drivers are accurately listed in your policy. Outdated fleet or driver information can lead to coverage issues, delayed claims, or, worse, uncovered incidents. Keep your commercial auto coverage current to avoid such dilemmas.

Invest in Stability: Secure Your Business

Don't wait until it's too late—take action now to prevent costly insurance gaps. By treating this checklist as an investment in your company's stability and security, you can finish off the year with confidence. If you're unsure about any coverage gaps or opportunities, connect with an insurance professional today.