Insurance Checkup: Do You Have the Right Coverage?

April 1, 2022

Insurance Checkup: Do You Have the Right Coverage?
Tags:

Your customers shape your business.  

And in order to survive our rapidly changing economy, you’ll want to respond to their evolving needs and preferences. For instance, because of COVID-19, more people are relying on the internet to buy items. In fact, 32% of Americans have ordered food online from local restaurants. This means certain businesses can benefit from adding more digital options such as:

But as you make adjustments like these and continue to innovate you’ll need to look at your insurance coverages to make sure you’re still protected.

Idea Financial has joined forces with The Hartford to provide a trustworthy, competitively priced, and fast way to protect your business: Click here to receive a General Liability Insurance quote in seconds so you can move forward and grow—securely!  

Recent Challenges for Small Businesses  

COVID-19 abruptly shut-down many businesses, forcing them to re-think the way they operate.  

Some changes that are shaping the future of small businesses are:  

  • New government regulations: Federal and state governments have been releasing guidelines during COVID-19 to help keep everyone safe. These are shifting how businesses engage with their customers.
  • Social distancing and face masks: Customers, employers and employees are all expected to wear face masks in businesses when social distancing is not possible. And to help keep everyone six feet apart, many companies have mapped routes throughout their stores to help guide the flow of people.
  • Outdoor dining: Many restaurants are now serving customers only outdoors to keep everyone safe from COVID-19.
  • Limits on social gatherings: Many small businesses are regulating how many people are in their building at the same time. This helps reduce everyone’s exposure to the virus.
  • Managing remote workers: Many small businesses have switched to working from home during COVID-19. This has increased the need to connect online and find new ways to manage their employees. However, many businesses are finding that remote work is just as productive as before.
  • Losing customers: If your small business lost money during COVID-19, you’re not alone. But there are ways to get customers flowing back into your business. For instance, you can offer discounts, sales or more convenient delivery options.
  • Letting employees go: One of the hardest challenges many small businesses have faced is laying off their employees due to decreased sales. However, as you continue to innovate and find new solutions, you may be able to increase your sales and hire your workers back.
  • Supply chain disruptions: COVID-19 impacted more than just your company, it likely caused your supplier to shut-down or make fewer deliveries. This may have impacted your inventory and caused some of your products to be out of stock temporarily. Or if you own a restaurant, maybe you have to change your menu. But remember, finding new products or new recipes may help strengthen your business in the long run.

As your business operation continues to change during COVID-19, it’s a good idea to review these insurance policies to make sure you have the right coverage. You’ll want to understand how you could be liable for claims filed against you by customers or employees.

Chief among these?

General liability insurance

Re-opening your business means your clients will face the risk of catching the virus in your building. This means if your customer claims they caught the virus due to your negligence, they may file a claim against you. However, this is difficult to determine, and most of these policies exclude infectious diseases.  

To receive an immediate quote for affordable, fast General Liability Insurance through Idea Financial, click here now.

As you continue to face new challenges, it’s important to remember that change often comes with uncertainty. And that can be scary for many business owners, but not if you’re willing to adapt and switch up how you do things. In fact, over time, change can even strengthen your business.

Next steps

If you’re ready to invest in modernization projects to meet evolving market demands but need a bit of a funding assist to get there, a small business loan or business line of credit can help you make tomorrow’s technology a reality for your business today. Idea Financial, for example, offers up to $250,000 in working capital with a quick application and same day approval.  

For more articles on how to optimize your enterprise, visit the Idea Financial Business Resource Center.