Commercial Businesses, Prepare Your Winter Insurance Now!
Winter is approaching, and along with putting up our Christmas decorations and trees, we must renew our business insurance. This season is crucial; as temperatures drop and weather shifts, the risk of accidents increases. During the holiday season, we wish to be carefree. We want to focus on what truly matters. This includes enjoying a warm cup of hot chocolate. It also means watching the latest show on Netflix.
Commercial Auto Insurance
The year 2020 has set a record during the hurricane season. We have witnessed its aftermath, with trees falling on cars and causing destruction. This sight is truly terrifying. Think about what could happen during winter - heavy snowstorms, ice storms, hail, Mother Nature is unpredictable.
More importantly, do you have a vehicle used for your business operations on a day-to-day basis? It is crucial to have commercial auto insurance for your vehicle so as not to hinder your ongoing business. In addition to the potential damage from Mother Nature, snowy roads can make driving more hazardous. It is wise to consider adding protection against the risk of collision for your vehicle.
Furthermore, if you are using a car or truck for both your business and personal use, commercial auto insurance covers both. We also have a tip for you on how to maximize your tax deduction for your vehicle.
Commercial property
For businesses that lease or own office space, manage inventory, and manufacture products should consider commercial property insurance. It is also a core coverage in the Business Owners Policy (BOP) insurance. You might believe that commercial property insurance only protects equipment, inventory, and other valuable assets. However, winter weather can also damage your building.
If your commercial building has a flat roof, the roof may collapse due to the buildup of ice and snow, causing enormous weight. Snow and ice can also cause leaks in your roof due to ice dams that form along the edge of your roof. When the ice melts, the water cannot drain properly. With no other place to go, it will seep through the roof and ceiling of your property. Also, a drop in temperature could cause the water pipes in your building to freeze. A frozen pipe will lead to the water in it expanding, eventually causing it to burst due to the pressure. You’ll go to work the next morning and find your building flooded with water.
All these damages are expensive and may cause hazardous conditions within your business, too. Therefore, your commercial property must have insurance coverage.
Winter Renovations
Is your next project a roofing one? Or repairing loose or missing tiles for your client’s home?
Having projects during winter poses a higher risk for accidents to happen; hence, it is very important to have a contractor’s insurance that will give you general liability coverage. For projects mentioned above, you can add on inland marine insurance to cover your day-to-day tools, products, and equipment taken to and from the project site.
"While many parts of the country made it through last winter with hardly any snow, this winter's forecast for the northern half of the United States is expected to be colder than average with more snow than usual in the Northern Plains, New England, and the Great Lakes regions" - Snow Blowers Direct
Snow plowers, are you ready for this winter? Make sure your insurance policy is renewed!
For small business owners & E-commerce businesses
2020 has been a tough year, especially for small businesses. This is precisely why existing small businesses have to protect themselves further. The two important insurance coverages every business needs to have are liability and property, which a commercial package policy called the Business Owners Policy includes both.
The e-commerce industry is growing this year. This growth is due to our technological age and the impact of the coronavirus pandemic. Black Friday online sales hit just over $9 billion this year, which is a big number. For business owners running an E-commerce venture, securing insurance for their inventory is essential. This coverage protects the products you have on hand. Please note that homeowners’ insurance typically does not provide this coverage.
