Five ways to help small businesses get ahead of holiday risks

This put up is a part of a sequence sponsored by The Hanover Insurance coverage Group.

The vacation season has arrived, which, amongst different issues, means higher dangers for small companies as they put together for a lift in gross sales, starting with Small Enterprise Saturday. That is very true when mixed with among the adjustments companies have applied to ship services in the course of the pandemic, together with elevated on-line gross sales, extra deliveries, and extra curbside pickups.

With this in thoughts, small enterprise homeowners can be clever to speak to their insurance coverage brokers, who usually might help mitigate these dangers. The next are 5 areas of elevated danger the place brokers might help prospects be taught extra concerning the significance of proactive danger administration and correct insurance coverage protection.

1. Seasonal Workers

Many companies add employees in the course of the vacation procuring season. Whereas very useful, this can also improve danger for small companies specifically, as they rent new or inexperienced workers. Background checks are an vital a part of retaining small companies protected, they usually shouldn’t be skipped for the sake of time or as a result of an worker will solely be on employees for a brief interval. Some insurance coverage applications supply reductions on background checks as a service to their prospects. Reminding prospects of this precious choice could make an actual distinction in hiring the suitable workers.

2. Third-Get together Companies

Small companies are utilizing extra third-party contractors and distributors now than ever earlier than, usually leveraging them for issues like deliveries, cleansing and snow elimination. Small companies ought to guarantee they’ve the right contractual danger switch agreements in place anytime a contractor is on website to offer a service or is engaged on behalf of the enterprise. Some insurance coverage applications supply danger administration professionals, who can present steering about these agreements.

3. Slips and Falls

Slip and fall accidents – and the litigation that may accompany them – are among the most typical and largely preventable dangers, particularly for retailers. With folks distracted by the hustle and bustle of the season, and with a rise in foot visitors and curbside pickups, there usually is an uptick in accidents. Small companies can put together with on-site logistics, equivalent to correct signage inside and outside, correct upkeep all through the premises, and leveraging assets provided by their insurance coverage applications.

4. Cyber

Simply as foot visitors picks up on the holidays, so do digital transactions, and the danger of cyber safety incidents. As many companies know, on-line procuring has dramatically elevated prior to now 12 months, and this pattern is more likely to proceed. Based on Verizon’s 2020 Knowledge Breach Investigations Report, 43% of cyberattacks goal small companies, but, solely 14% of these companies have the required safety measures in place. On the brilliant facet, some insurance coverage applications supply skilled help to assist with cyber danger administration providers centered on information breach preparation and remediation. Brokers might help their prospects perceive their choices and methods to assist scale back this danger via a mixture of danger administration efforts and protection selections.

5. Theft

Elevated gross sales and extra foot visitors may imply an elevated danger of theft. Day-to-day stock and buyer exercise administration usually fall to the wayside in the course of the busy vacation season. Small companies which may be fortunate sufficient to frequently have decrease theft charges is probably not conscious of the theft mitigation ways and ideas provided by insurance coverage applications. There are oftentimes coaching modules that may be leveraged via small companies’ insurance coverage applications to assist elevate consciousness for this heightened danger in the course of the vacation season.

As Small Enterprise Saturday and the vacations method, now could be the time to assist small enterprise prospects assess their danger administration protocols and their protection choices, serving to to arrange them for a profitable vacation season and the brand new 12 months forward.

The Hanover provides a variety of danger options and protection choices to assist deal with small enterprise dangers. Be taught extra right this moment at www.hanover.com/agentsolutions.

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