National Insurance Awareness Day

Summary: National Insurance Awareness Day serves as a reminder to all small business owners to review their insurance policies to make sure they have the right coverage for their organizations. In this article, we'll take a look at three things business owners can do to ensure they have the right small business insurance for their operations.

What is National Insurance Awareness Day?

June 28 has been designated as National Insurance Awareness Day. Although the origin of this holiday is unknown, it is observed annually on this day to serve as a reminder to small business owners to review their insurance policies and make sure they have the coverage they need. Likewise, just following National Insurance Awareness Day in June, July 1 is also considered one of the biggest days in the calendar year for nonprofit and human service businesses to renew their insurance policies.

The Importance of Being Properly Insured with Small Business Insurance

An insurance policy is the most common way businesses transfer risk and protect their employees, assets and their operations. In most states, certain forms of insurance are required by law, like workers’ compensation and disability coverage. The right insurance can help protect your business from property damage caused by theft or natural disasters, loss of income, liability claims and more.

Some of the most common types of small business insurance organizations should consider include:

• General Liability
• Property Insurance
• Businessowners Policy
• Business Interruption Insurance
• Workers’ Compensation Insurance
• Employment Practices Liability Insurance (EPLI)
• Cyber Insurance
• Management Liability Insurance (D&O)
• Errors and Omissions Insurance (E&O)
• Crime Coverage

Ensuring Your Business is Covered on National Insurance Awareness Day

In recognition of National Insurance Awareness Day, here are three ways small business owners can celebrate:

#1. Make an appointment with your insurance agent. 

Set up time to sit down with your insurance agent and review your policies to help make sure your insurance coverage is still appropriate for your small business. An in-depth review can help uncover gaps in your small business insurance coverage, or ensure that you have adequate coverage limits. Have you hired new staff? Have you added a new product or service? These are examples of how changes in your business could require a modification to your policies.

#2. Remind your employees of safe workplace practices. 

Injuries to your workforce can slow down your small business’s production. The cost of workplace injuries can amount to thousands or even millions of dollars. While workers’ compensation insurance is designed to help protect your small business and your employees, avoiding injuries altogether is ideal. Setting aside time to remind your employees about workplace safety is a great way to keep it top of mind. For example, you could schedule a team meeting to get everyone together to review safety policies and provide updated safety literature.

#3. Make sure your company's data is protected. 

Cyber security risks are a fast-growing concern for today’s business world. Cyber crooks don’t just target large businesses – in fact, small businesses are even more at risk for a cyber attack. While there is no way to guarantee your business won’t get breached, the best way to mitigate the cost of a breach is to be prepared: secure the business, get a plan in place, and make sure everyone knows their role in preventing and responding to a breach. 

Small Business Insurance Solutions from AmTrust Financial

AmTrust offers a wide-range of coverage options for your small business and is a leader in workers’ compensation coverage. We’ll work with your small or mid-sized business to design the specific packages you need to comply and succeed. For more information, please contact us today.