With slippery floors, shop lifting or the use of seasonal employees who make errors in the effort to push for end-of-the year sales, your small business could be at a greater risk during the holidays than it is all year long. And many of these risks apply whether you have a brick and mortar store or if your business is totally online. Here are the top four major business risks that occur during the holidays and the protection your business may need.
Risk #1: Slip And Fall - During the winter, weather is usually wet, cold and messy creating an opportunity for customers and employees to suffer an accident on your property. This could cause you to be liable for medical costs associated with any injuries, including time lost from work.
Answer: Commercial General Liability Insurance - This coverage would protect your business against someone's claim of bodily injury, property damage or personal injury.
Risk #2: Issues With Seasonal Employees - Many seasonal hires are brought in with limited experienced and training. During the busy season they may make mistakes that lead to lawsuits or claims. Plus, they may be of questionable character and could steal from your business.
Answer: Crime Insurance - In addition to commercial general liability insurance, an extra crime insurance policy could help reduce your risks with temporary employees.
Risk #3: Protecting Equipment At A Home Business - Owners of home-based businesses may think that their homeowner's or renter's insurance policy will cover equipment they use for their business. This may not be the case.
Answer: Business Owner's Policy - Business equipment, especially any specialized equipment used in a business, can be insured under a business owner's policy. This type of policy would provide protection for lost, stolen or damaged equipment.
Risk #4: Making Year-End Sales - With the end of the year, most businesses are trying to accomplish sales goals, wrap up accounts or projects, and finishing up tax or regulation issues. All of this happens while many employees are on holiday vacations. This hectic push sometimes results in employees making costly mistakes.
Answer: Professional Liability Insurance - With mistakes made, even honest ones, or with someone claiming a mistake that didn't actually occur, your business may have to defend itself against a variety of claims. A professional liability policy will protect you against claims of mistakes and negligence.
For the protection of your business during the holidays, call your J.P. Perry agent about the type of coverages you need for your company.