Attention small business owners! The holidays are upon us, signaling a shopping equation where people + purchases = presents! As consumers hit the stores, the increased foot traffic means more employee staffing, business hours and holiday hubbub.
Are you covered?
You are one of the nation’s 30 million+ small businesses (sba.gov). Of State Farm customers who own a small business, 40% have no small business insurance. Yet, the average covered claim a small business owner faces is over $22,000.
That’s a lot! Unwrap these eight holiday tips to keep your operation safe, secure and successful in 2019 and beyond:
- Know what your policy covers. If your business location is damaged by a covered loss, you’ll want the coverage necessary to repair/replace your building, business personal property, or both.
- Watch your step! Snow and ice can lead to slip and falls. With more people visiting your business, the risk goes up. Promote safety by maintaining adequate lighting around your property – – don’t let gutters and downspouts drain onto walkways or parking areas, and have a snow removal plan in place.
- Make a list…and check it twice! Use this checklist to periodically examine your property for potential hazards and unsafe conditions that may need attention.
- Know your liability limits. If someone gets hurt on your property, and you have a covered claim, your policy may respond up to the liability limits you have chosen.
- Limit your theft exposure. Hire honest people, and consider using a keycard system instead of a traditional key/lock. This gives insight into when and how your property was accessed. Also, install a good alarm system. If your insurance carrier is aware of this, you may be eligible for a reduced premium.
- Do you have workers’ compensation? Most states require that employers provide Workers’ Compensation for their employees in the event an employee is injured while performing their work.
- Keep an inventory. Businesses evolve and change over the years. Know what’s inside it. Did you purchase new office furniture? Get new computers? Buy upgraded phones? Make an inventory form. For example, if a fire destroys your business, the claim specialist will need to know what you had inside it. A current inventory form will save time and make the claim process more efficient.
- Stay connected. When you purchase new equipment or upgrade your business location, it’s a good idea to call your insurance agent to review your coverage needs. State Farm agents account for nearly 19,000 small business owners in the United States. Like you, they understand the importance of developing a plan for continued financial security. Regular check-ins ensure your coverage needs keep pace with your policy.
(Press Release from State Farm)