4 Key Insurance Considerations for Small Businesses During the Holiday Season

Welcoming the holiday season is an exciting time for customers and business owners. Small business owners are always at an advantage during the holiday season because we’re talking seasonal promotions, expanded sales – and MASSIVE growth. However, busy time can also mean exposure to risk and threats – therefore, multiple challenges require attention to detail to ensure your business is protected. Read through these four essential tips to safely navigate the holiday season.  

Higher Foot Traffic – Higher Risk of Liability

While an increased number of walk-ins to your office is great, the risk of accidents or injuries also increases – putting you at an increased liability risk. This could occur through accidents, injuries, or crowd-related accidents. Either way, it could be costly for a business owner like yourself. Therefore, this might be the time for you to take a quick check on your General Liability Insurance – and ensure that your policy is adequately covering accidents or injuries that occur on your premises. Furthermore, you might want to consider adding Umbrella Liability Insurance so that you have extra coverage, in case your primary policy limits run out. Most importantly, ensure that your property is safe and secure for customers to visit. Inspect your walkways, surrounding parking lots, and office front to mitigate the risk of hazards.  

Seasonal Workers? Protect Them Too!

Businesses often need more workforce during the holiday season, and if you decide to do the same, it might be a wise decision to make sure they are protected. Consider Workers’ Compensation crucial for the well-being of your employees, as the holiday season can increase the risk of workplace injuries. Therefore, make sure to update your policy coverage accordingly, regardless of how long they are hired for. Proper training and safety protocols also go a long way and can help reduce the risk of injuries.

Aah, Cyber Risks!

The internet is both, a blessing and a curse. A blessing because the holiday season may end up giving you increased revenue due to a surge in your sales. However, what happens if you become the prime target of a cyberattack, data breach, or worse – fraud? With a profession like yours, client data is sensitive and needs to be protected at all costs. Start by giving a quick, but detailed review of your Cyber Liability Insurance – and ensure that data breaches, payment fraud, and all other cybersecurity threats are adequately covered. Next up, ensure that you have set up additional security on your own as well, such as encryption and firewalls. Lastly, make sure that your employees are trained regarding Phishing Attempts and know the importance of setting up strong passwords. By doing this, you are giving your all to protect your business and your customers.  

Remember.. It’s Winter!

With the holiday season falling right under the winter season, snowfalls, power outages, and bad weather are expected for guests. Ensure that your policy offers Business Interruption Coverage, as your office may shut down due to disruptive weather conditions, leading to a loss of income.  With Business Interruption Coverage, you will be covered against these significant losses and therefore, protected against a lot of stress. Review your policy to ensure that it covers all potential interruptions, including those due to weather changes. 

All we want is to Protect YOU Better. We hope these tips help you navigate the complex challenges through the busy holiday season. If you still are not adequately covered, get in touch with us for a quick quote – and we would be happy to help! Remember, there’s no better season than the holiday season, so best of luck with your journey, and well.. happy holidays!  

For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.  
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.