With the novel Coronavirus (COVID-19) continuing to affect the daily lives of those around the world and those in our local economy, it is imperative to know the implications of coronavirus on insurance policies for businesses.
For business owners, the ever-shifting economy has caused a heightened concern for employee safety, risks of revenue loss, and increased liability risks. Navigating the state laws and regulations for businesses can be challenging, but our experienced agents at Penny Insurance are here to help. We have the knowledge and expertise to assist businesses in North Carolina, South Carolina, Georgia, Florida, and Texas with everything from General Liability Insurance, Employment Practices Liability Insurance, Business Auto Insurance and more.
During this time of crisis, reviewing your current policies in Employment Practices Liability Insurance, Excess Liability Insurance, and Business Auto Insurance are among the most important to consider. Employee Practices Liability insurance will provide you as an employer with the protection you need from claims made by employees, former employees, or even potential employees. Excess Liability Insurance, often called an Umbrella Policy is there to provide limits in excess of an underlying liability policy. Basically, if your business should have a crisis or unexpected issue that threatens its financial security, your Umbrella policy comes to the rescue. Lastly, during this Coronavirus pandemic, it’s important to assess your Business Auto Insurance, especially if you are the owner of a restaurant or use work vehicles regularly. Be sure to inform your employees of your state’s policies and procedures, especially when handling food deliveries.
In addition, unfortunately, vacant buildings and offices are more at risk for theft and break ins during this time. If you are able, be sure to regularly check on your office building for any suspicious activity, and shut off the water supply to prevent leaks and water damage, and unplug all appliances to lower the risk of a fire. Keeping these things in mind, review your current insurance policy to be sure you are covered if a break in or other unfortunate event were to occur.
It is also important to remember that laws, requirements, and regulations vary by state, so what may apply to a business in South Carolina may not apply to a business in North Carolina. In addition, many of the companies we work with have amended their policies in an effort to ease the burdens business owners are facing. Depending on your situation, you may be eligible for Business Interruption Coverage, Workers Compensation Coverage, Premium Audits, and more. If you need assistance navigating through new regulation or want to review your current insurance policies, we can help.
We don’t believe that “one size fits all” when it comes to business insurance policies. We work directly with the business owners to learn your unique risks to help design a plan that works for you. The right insurance customized for your business can be crucial to the short-term and long- term success of your business, especially in times of crisis.