The start of a new year is an ideal time for business owners to review and refresh their insurance coverage to ensure it meets their current needs and business goals. Whether you run a small retail shop, a contracting business or manage a fleet, here are seven important topics to discuss with your local insurance agent this year.
1. Annual Insurance Coverage Checkup
As your business grows and changes, your insurance needs to change as well.
So, no matter what stage your business is in, it’s good to make sure you’re covered.
Some changes might be obvious, while others might not make you think about insurance right away. In either case, it’s important to make sure you discuss all your insurance needs based on your business and budget.
An annual review of your insurance policies can identify any gaps and help you adjust coverage as your business evolves. From property to liability coverage to business umbrella coverage, making sure you have the right protection in place for your business’s unique needs is essential.
During your checkup, your local insurance agent can help you evaluate any changes in business operations, equipment upgrades or new property to ensure you have the coverage you need.
2. Risk Control Survey
We offer risk control services that can help you identify potential risks and help you prevent future losses. Scheduling a risk control survey with your local insurance agent could bring to light safety improvements that can help reduce risk. This proactive approach helps keep employees safe, minimizes downtime, and ultimately protects your bottom line.
Our risk control consultants offer qualifying commercial customers:
- Industrial hygiene and occupational health services address health hazards like noise, dust, chemicals, heat, cold, and more. Our risk control offers consultation on these issues through a combination of in-house staff and vendors.
- OSHA Outreach Training Programs, 10-hour construction and 10-hour general industry, available through OSHA-authorized risk control consultants.
- Safety training programs provide our customers with web-based and instructor-led safety training on a variety of safety programs.
3. Cybersecurity and Data Breach Protection
Cyber threats are on the rise for businesses of all sizes. Your customers’ and employees’ data are sensitive, so it’s critical to evaluate your cybersecurity coverage. Cyber insurance helps protect against data breaches and cyberattacks, offering financial support for recovery efforts and legal costs.
With Cyber Suite1, you’ll be prepared to respond to a wide range of cyber incidents, such as breaches of personally identifying or sensitive information and threats that could jeopardize the safety of that information.
Ask your local agent about coverage options that fit your business’s digital security needs.
4. Workers’ Compensation and Employee Safety
You depend on your employees to help you run your business. If one of your employees gets hurt on the job, your business could suffer. Workers’ compensation requirements can change as your workforce grows or as roles evolve.
It helps cover medical care and lost wages for an employee who is hurt at work. Our coverage can help you comply with the laws in your state.2 In addition to medical payments and lost wages, we offer:
- Employers liability insurance – It provides important protection in the event that you negligently cause a work-related employee injury that is not covered by workers’ compensation.
- Other states’ coverage – It provides limited temporary workers’ compensation and employers liability coverage for your new business operations in states other than your home state.3
Check with your local agent to ensure that your workers’ comp policy aligns with your current staff levels and job responsibilities. This is also a good time to explore additional safety training or preventive measures we can provide to support workplace safety.
5. Company Vehicles and Driver Safety
Whether you rely on a single car or a large fleet of vehicles, commercial auto insurance is something most businesses need. That’s because an accident can happen to even the most careful driver—and these accidents can cost thousands or even millions of dollars.
If your business owns or leases vehicles, ensure your auto insurance policy reflects any new additions to your fleet. Keeping accurate records of the employees who drive company vehicles can help manage liability and control costs.
Commercial vehicle insurance for both owned and leased cars and trucks protects your business in many important ways. We offer coverage4 for:
- Liability if you’re responsible for harming others or for damaging their vehicles or property
- Damages if your car is damaged or destroyed in an accident or by something other than an accident, such as theft, vandalism or hail
- Uninsured/underinsured motorists, if an at-fault driver is unable to pay any or all of the costs owed to you
- Medical costs for you or your passengers’ injuries
Our coverage options include liability protection, physical damage coverage, and more—all tailored to your business needs.
6. Employment Practices Liability (EPL) Insurance
If you have employees, your business may be vulnerable to claims related to issues such as wrongful termination, harassment or discrimination. Even if the allegations are false, you would be responsible for legal fees to defend yourself and that can be costly. Employment Practices Liability (EPL) insurance with our agents helps to safeguard your business against costly legal disputes and to help foster a secure, compliant workplace environment.
The EPL coverage you can add to your business policy covers:
- Liability damages and defense costs (within the limit of coverage) from charges brought by employees as well as applicants for employment volunteers.
- Third-party claims brought by customers, clients or vendors (additional coverage option)
7. Business Umbrella Insurance
No business owner wants to consider the possibility of a catastrophic claim. Yet these kinds of claims do happen—and when they do, they have the potential to cause serious financial harm to your business.
That’s why many business owners make the smart decision to protect themselves with extra business liability insurance. Business umbrella liability insurance provides an additional layer of coverage that gives you extra protection and peace of mind above and beyond your commercial general liability, professional liability, business auto liability, and employer’s liability insurance.
Fortunately, you can protect the business you worked so hard to build with an affordable Business Umbrella policy.
Talk with your Agent
Taking the time to review these key insurance considerations with your Erie Insurance agent in the new year can give you peace of mind and help ensure your business is protected against unexpected risks. Connect with your local insurance agent today to create a plan that supports your goals and keeps your business running smoothly all year long.
ERIE® insurance products and services are provided by one or more of the following insurers: Erie Insurance Exchange, Erie Insurance Company, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Family Life Insurance Company (home offices: Erie, Pennsylvania) or Erie Insurance Company of New York (home office: Rochester, New York). The companies within the Erie Insurance Group are not licensed to operate in all states. Refer to the company licensure and states of operation information.
The insurance products and rates, if applicable, described in this blog are in effect as of October 2024 and may be changed at any time.
Insurance products are subject to terms, conditions and exclusions not described in this blog. The policy contains the specific details of the coverages, terms, conditions and exclusions. Your ERIE agent can offer you practical guidance and answer questions you may have before you buy.
