Topics: Cyber Liability Industry News Risk Management Workers' Compensation Loss Control
June 28 has been designated as “National Insurance Awareness Day.” Although the origin of this designation is unknown, it is observed each year on this day to serve as a reminder to review your insurance policies and make sure your small business has the coverage it needs.
Small business insurance coverage includes a businessowners policy, workers' compensation, cyber liability insurance and more. In recognition of National Insurance Awareness Day, here are three ways you can celebrate:
#1. Talk 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 change 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 for 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 and 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 – small businesses are at risk, too. 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. A Cyber Liability Insurance policy can help provide peace of mind that your business and its assets will be protected.
AmTrust offers a wide-range of coverage options for your small businessand 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.