As the 2014 calendar year comes to a close, we are all presented with an opportunity for reflection and 2015 planning. While many businesses had their best year ever in 2014, every business owner knows there is room for improvement. New Year’s Resolutions are a great way to set the bar high for the New Year and achieve your goals.
If you’ve already made a list of resolutions for yourself, maybe it’s time to think of at least one more for your business: double check your insurance needs with a Hayes Broker.
Has It Been A Couple Of Years Since You Looked Over Your Insurance Policies?
It might be time to look at the rating basis on your policies and make sure they are covering the entire scope of your evolving business.
Ask Yourself These Questions:
- Has my payroll increased or decreased significantly in the last 12 months?
- Have my sales or receipts increased or decreased significantly in the last 12 months?
- Have I moved or purchased any property in the last 12 months?
- Have I purchased any business vehicles in the last 12 months?
- Have I purchased any business equipment (large or small) in the last 12 months?
- Have I added any new ventures to my existing operations in the last 12 months?
Business Expansion = Liability Expansion
As businesses expand, insurance needs do, too. Minimum liability insurance limits may have been adequate in the beginning, but as your business grows, so do your insurable exposures.
More sales may mean more people coming through the front doors. That could mean more opportunity for slips and falls, or more products liability claims. More payroll or employees means greater occasions for on-the-job injuries and workers compensation claims.
Pursuing Certain Types of Contracts More Aggressively
If you plan to pursue a new type of contract or a specific type of work more heavily in 2015, you should absolutely review your insurance coverages. This is especially true if you are planning to bid aggressively on city or private contracts as these may require higher limits of coverage. You may also need a new line of insurance coverage that you don’t already have in order to protect new liabilities you haven’t yet considered.
Automating Transactions And Other Operations Online
One of the scenarios we deal with for our clients is cyber liability. According to a major study conducted by Net Diligence on 2013 cyber liability claims, the typical claim ranged from $25,000 to $400,000 and the median claim payment was $242,500. Furthermore, businesses with less than $50M in assets comprised well over 20% of the claims.
As more business operations are conducted online such as payment processing, there is a greater amount of sensitive information liable to a cyber attack by lost/stolen devices and/or hacking. We have the experience and expertise to educate you on the rapidly evolving risks and dynamic coverages available based on your specific business.
International markets present a ripe opportunity for growth as there is more volatility in emerging markets. According to the International Trade Association, there are approximately 305,000 U.S. businesses exporting goods and services internationally – just a small sliver of the total number of companies in the U.S.
If you plan to ship goods internationally, Cargo insurance may be able to help you save money and give you greater peace of mind with regard to your freight. International travel insurance is also an important line of coverage that could protect you as you grow.
If you have policies with many different insurance agencies, it may be time to consolidate them all. A Hayes Broker may be able to package your policies together in ways that will save you money and/or increase your coverages. We may even be able to save you money on your current policies by moving them to another insurance carrier. Being loyal to one insurance company doesn’t always mean you are getting the best deal…