If 2015 has been good to you and your business, that’s great. But you can’t count on the past to predict the future. Before you get caught up in holiday plans, take a few minutes to review some important small business insurance items. It’s the best way to protect your business by reducing your exposure to risks.
- Cyber threats are one of the biggest risks facing all of us, but small businesses are especially easy targets used by cybercriminals as a path to valuable client data. Easy entry points include email, browsers and smartphones. Experts recommend that you never transmit unencrypted sensitive data, secure your operating system, browser and router, back up data and provide a written data security policy to employees. While you’re at it, look into cyber insurance. You can learn more about it and compare cyber insurance policies for small businesses here.
- Are you taking advantage of available discounts? Bundling policies can save you money. So can pre-paying premiums on policies that are tax-deductible. Ask your CPA to explain which policies qualify for this type of tax strategy.
- Did you make any significant purchases in 2015? Make sure your commercial property insurance adequately covers their loss or damage.
- Review your employee health insurance and make sure you’re providing what’s required under the Affordable Care Act, especially if you’ve added staff or increased worker hours.
- Do you or employees use personal vehicles for your business? Talk with an insurance professional to see if you need commercial vehicle coverage to protect you from law suits.
- Has your business grown or changed focus in a significant way? If so, you may need new types of coverage or additional coverage on existing policies. such as Could you benefit from additional policies
You can learn more about essential insurance policies for small businesses and shop for competitive small business insurance coverage online here.