How Thanksgiving Dinner is Like Small Business Insurance

Topics: Small Business

Putting together a commercial insurance policy is a lot like planning the menu for your family Thanksgiving dinner.

You want to have all the traditional items: turkey, stuffing, mashed potatoes and gravy as your base, but then you can add an array of side dishes, appetizers and desserts. It is the same way with commercial insurance. You have your base policies such as workers’ compensation, but you might want to customize your coverage with cyber liability insurance or EPLI.

Each family has their own traditional meals, but perhaps a family member has decided to go vegan and can’t eat anything on your Thanksgiving menu. What do you do? Most families compromise and add on new side dishes to compensate. Just as with small business insurance, there are so many ways to add additional coverage, or customized options, to the base menu.

Thanksgiving Dinner Meets Small Business Insurance

From the type of family gathering to the food prepared to meet individual needs, all families celebrate Thanksgiving with their own timeless traditions. Similarly, each small business also has its own unique insurance needs, and what’s right for one company may not apply to another company. AmTrust offers a variety of menu items to share with your clients:


Workers’ Compensation

Turkey is the foundation of Thanksgiving dinner, going all the way back to the first Thanksgiving in 1621. The first Thanksgiving meal consisted of wild turkey, geese, duck, swan, fish, oysters, harvested onions, beans, lettuce, spinach, carrots and cabbage, cornmeal, and indigenous fruits such as blueberries, cranberries, plums and grapes. Today, many of these staples remain the basic ingredients to the Thanksgiving menu we enjoy now (potatoes and pumpkin pie were added later to the menu).

Like the standard ingredients to the traditional Thanksgiving meal, workers’ compensation insurance is the foundation of AmTrust’s business. AmTrust maintains a broad appetite when it comes to class codes, which makes marketing our workers' compensation coverage even easier for our appointed agents. We currently underwrite over 350 class codes, making us an ideal fit for a vast number of small businesses in a variety of industries.


BOP-Business Owners’ Policy

As mentioned previously, Thanksgiving dinners have become adaptable to family members that might be vegan, vegetarian, or even for those with special dietary restrictions or food allergies. The family’s cook starts with the basics and adjusts to what certain individuals might require. In the same way, a Business Owners Policy, or BOP, can be customized to meet the client’s individual needs. As an agent, you can offer a BOP as a stand-alone product or in conjunction with our other lines of coverage, such as General Liability, Business Interruption Insurance or Disability Insurance. Our BOP policy can be tailored to address a business’s specific risks in an affordable bundle package.


Commercial Policy

The entire Thanksgiving dinner, from the appetizers to the traditional pumpkin pie, consists of family recipes that often have been handed down from generations. Every family has a favorite side dish, from the green bean casserole or sweet potatoes to the Jell-O salad. However, over the years these dishes can be easily replaced or be updated as the family grows or their tastes change by adding new recipes and styles. Likewise, as a small business continues to grow or evolve, AmTrust collaborates with agents to customize commercial package policy (CPP) products that meet each policyholder's specific needs and address special issues in the operation of their businesses. Designed to meet the complex insurance needs of growing small and mid-sized businesses, a CPP offers broader coverage options and higher policy limits than a BOP.


Cyber Liability

Changing up the menu without letting other family members know, such as switching from turkey to roast beef or no longer having mashed potatoes can result in negative consequences. The change is a sudden disruption in tradition, leaving family members disappointed and possibly causing a rift in relationships. Similarly, data breaches and cyber threats are considered disruptions and can cause costly damage to a company’s image, productivity and security. AmTrust appointed agents can easily add cyber liability insurance to a policyholder’s existing coverage giving them peace of mind in the face of cyber issues.


Employment Practices Liability

When someone is hosting their first large Thanksgiving dinner, it can feel like a daunting challenge. In fact, the family member may even go as far as to develop a backup plan just in case the turkey doesn’t finish in time (takeout, anyone?). Having additional insurance, such as Employment Practices Liability Insurance (EPLI) in addition to your BOP provides the same type of backup plan, ensuring coverage for events such as workplace discrimination and sexual harassment, wrongful infliction, emotional distress and defamation of character. EPLI covers full- and part-time employees, temporary and seasonal staff, independent contractors and even volunteers.

Discover What We Cover

As we carve into that turkey this Thanksgiving, we give thanks for our wonderful agents and hope everyone enjoys the holiday to the fullest. We are committed to ensuring that our agents and policyholders have the service and support they need to succeed. Discover more about our innovative agent-driven solutions to customize coverage for each policyholder, all while earning competitive commissions and growing your book of business.

This material is for informational purposes only and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors.
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