Christmas Is Coming! Have You Reviewed Your Business Insurance Policies?
- Dec 4, 2017
- 3 min read
Christmas is a hectic and stressful time for many businesses. December marks crunch time for year-end activities, especially for those businesses that use a calendar fiscal year end. You may be wondering then, why spend your time reviewing your business insurance policies now? Here are eight reasons why this is the perfect time:
Increased Foot Traffic
One of the first things to consider is the Christmas season brings an increase in business. If you are a restaurant there will be more people eating out, and if you are in retail, shoppers will be out in their numbers. More customers means increased opportunities for something to go wrong. Despite following all workplace safety procedures to make your premises safe, there is still a risk that someone could slip and fall or be injured by merchandise falling off a shelf. Now is the time to make sure whether or not you are covered, and if you are, ensuring you that it is adequate.
Additional Staff Cover
With the increased activities you may need to hire additional staff. If you have supplemented your staff to help with the holiday rush, it is vital that you make sure your Worker’s Compensation has been updated to accommodate the additional head count.
Increased Production Levels
For manufacturers, your production cycle is at full capacity for the holidays increasing the likelihood for the breakdown of equipment. Your Insurance should be reviewed and may also need to be updated in case there is an accident or incident that results in an interruption to your service schedule or ability to do business.
Increase in Stock Levels
The upsurge in shoppers translates into an increase your stock levels for retailers and manufacturers alike. Does your insurance cover all of the extra stock and its contents in the event of breakage, fire or flood? Additionally, have you considered whether you have enough cover for the total stock levels you are currently holding? We strongly advise that you check how much stock you are actually carrying and see if your current policy will cover that cost.
Increased Chance of Burglary
Christmas is a prosperous time for burglars, so there is the increased likelihood of break-ins. While this is the busiest time of the year for many businesses, some businesses either operate with a skeleton staff or close their doors taking the opportunity for a break during the season. Whatever your situation, make sure you are prepared for break-ins, including coverage in place for your glass display windows and your machinery. Another area to examine is your deliveries where applicable, since thieves are aware of increased stock.
Keep Extra Cash Safe
Increased sales translates into more cash on hand leading to an increased chance of theft, so make sure you are covered for all that extra on-hand cash. This is especially important if you your delivery drivers take cash payments upon delivery.
Unpredictable Weather Patterns
In the Caribbean, Christmas takes place during the rainy/hurricane season. Be prepared and ensure that your business is covered for damage or from losses incurred from a temporary business closure due to flooding or any other unforeseeable damage, for example, a tree falling on your property.
Changing Needs of a Growing Business
Christmas time is the perfect time to review your insurance on an annual basis. Businesses change and grow, and business insurance that adequately covered your company a year ago, may not be enough for your growing business. You may be paying for unnecessary coverage or there may be policies available from competitors at more favourable prices. Also, due to the changing size and complexity of your business, you may be required to purchase new policies that you were not aware of.
The Christmas season brings increased risk to your company. Don't be caught off-guard, all HUBS Insurance Brokers today at 1-868-227-2350 to discuss ways to ensure your company is protected.
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