For many businesses, small and large, the winter months are spent organizing, preparing and filing tax returns. After all, March 15th is the federal tax filing deadline for S Corporations and partnerships. If you’re not a business partner or S Corp owner, then it could be that the 15th of March only brings to mind the “Ides of March” – a day the Romans observed as a deadline for settling debts. Now that March 15, 2019, is behind us, our John Bailey team would like to invite you to mind your business commercial general liability insurance.
First, consider reviewing your current coverage
If you’ve owned your business for a while – or if, as an employee of a business, you are responsible for overseeing the commercial general liability (CGL) insurance coverage – commit to scheduling time this spring to review your current coverage. Think spring cleaning!
1. Get your team involved. If you’re a team of one, then this is an easy first step. Otherwise, schedule a time convenient for your co-workers and explain the purpose of the meeting and how they should prepare to participate.
2. Identify all of your current coverages by policy type. For example, if you visit our commercial insurance page, you will see a list of typical commercial insurance coverage types.
3. Organize your policies by type and review coverage limits, deductibles (if any), types of coverage, etc.
4. Do your homework. Are there any types of coverage that you think you need, but don’t currently have? If so, make notes and consider reading some of our posts about commercial insurance. All of these are great conversation starters.
5. Make a list and check it twice. Determine which topics you want to discuss with your insurance agency.
How to plan for buying new or upgrading CGL coverages
It is important to remember that your time is valuable. If you are setting an appointment to meet with your agency’s team, then be prepared to provide and/or discuss the following information.
• Your tax I.D. number and your business legal name
• Number of employees – do you need Workers’ Comp Insurance?
• Types of insurance you currently have
• Types of risk exposure for your industry, i.e., do you work with the public?
• Previous claims filed by your company
• Your state requirements for business insurance coverage
• Revenue estimates, how these may be changing in the coming year
• Current business licenses required by your state or municipality
• Do you sell a product? If so, do you need Product Liability Coverage?
• Consider Errors and Omissions Insurance (E &O)
• Is liquor part of your business or your business model? Inquire about Liquor Liability insurance
• Does your business have commercial vehicles?
Bottom line: Mind Your Business by Protecting your Investment
Any business owner strives to control the cost of doing business. It matters not whether the business is a sole proprietorship or a multi-billion-dollar enterprise. Many factors need to be considered: costs of goods and services, cost of regulatory compliance, costs of borrowed money, and costs of taxes and labor, to name a few. Certain expenses must be incurred – this includes obtaining, managing, and reviewing your insurance policies, including your commercial general liability coverage.
This spring, consider that the right commercial insurance policy can protect your business from theft, property damage, liability, and employee injury – so what are you waiting for? Let our expert staff educate you on the different types of commercial insurance and customize a policy that will meet your budget and protect your thriving business.
The John Bailey Company is here to Insure A Great Life, and that includes your business.