Posted on: 3 March 2015
Are you a small business owner? Spring is just around the corner. With it comes some unique issues that may require you to re-think your current business insurance needs. Just like the winter, the spring brings unique issues with it for small businesses. These issues may require you to increase your business insurance coverage in order to ensure you have the protection you need to stay in business if any of spring's issues affect your company.
If you're wondering whether you need to increase your business insurance coverage for spring, here are four things to consider.
Will the Weather Be an Issue for Your Business?
As the weather warms up, the snow finally starts to melt. According to BusinessInsurance.com, spring floods are a real problem in some areas. Flooding can occur in places where a lot of snow is melting. Even warmer climates without as much snow may experience heavier than usual rains this time of year.
If your business is along the Atlantic coast, you will be subject to the dangers of hurricane season beginning in late spring. If your business is located in an area that is prone to flooding, you may want to consider increasing your business insurance for the spring, especially if there have been particularly heavy snows in your area over the winter.
Has Your Business Ever Had to Close Due to Repairs?
You will want to protect not only your building, but your income. If your building is damaged due to flooding or storms, you may have to close for a while for repairs. If this has happened to you before, you know that you're not earning money during that time, and it puts your business at risk of closing for good.
Additional business insurance can protect your income if you have to close for repairs. It can also cover the cost of replacing lost or damaged inventory. If you've experienced this once, you may again, especially if you're in a flood-prone area. Even if you've never experienced having to close for repairs, why take the chance of losing income if you do? Extra business insurance will keep you profitable and able to continue operating after the repairs are made.
Are You Expecting a Lot of New Customers?
When the spring comes, many small businesses experience a large number of new customers coming through their doors. These are people who mostly stayed at home and out of the cold weather when it was snowing outside. The warm weather brings them out of virtual hibernation.
With more people coming into your business, if this is usually the case for you, there is a greater chance of someone getting injured. While you will naturally do everything you can to keep your business as safe for your customers as possible, unforeseen things do sometimes happen. The more people who enter your building, the greater chance there is for injury. Increasing your business insurance will ensure you don't go bankrupt if someone is injured on your property and sues you.
Will You Be Hiring More Employees?
If you will be getting a lot of new customers in the spring, you will also need to hire more employees to serve them. This can also make it prudent to get more business insurance coverage. Just like customers can potentially get injured on your property, so can employees. Your basic insurance coverage may pay their medical bills, but it won't cover a large lawsuit. Additional business insurance will.
Take stock of your business's situation as spring approaches. Decide if you have new needs that may make additional business insurance a good idea. Then, talk to a business insurance representative about your needs and get their advice on the protection you need to keep your business protected and running smoothly in any season.Share