The Insurance Information Institute (III) recommends reviewing all your insurance needs, including commercial insurance, at least once every year. This is important because it gives you a chance to insure your underinsured and uninsured property fully, avoid over-insurance, and even lower some insurance costs. Commercial insurance review is necessary, especially when your business has experienced significant changes such as increased or reduced costs, revenues, and risks.
Keeping this in mind, here are five instances when you should review your business insurance.
1. You’ve Implemented Risk Mitigation Strategies
If you have implemented the necessary risk mitigation strategies […]
Setting up a small business is as much of a task as it is to run it. Part of running a business means protecting it from common risks and managing exposures. It’s important to identify which risks pose a threat to your small business operations so that your company can adequately prepare.
Here are a few tips for managing the risks your business may face:
Set Business Plans
Even your day-to-day operations are susceptible to threats. First, you need to identify and eliminate potential risks before they escalate and cause extensive damage to your business […]
If the COVID- 19 pandemic has severely impacted your business, you may consider cancelling your business insurance to cope with the expenses. However, business insurance provides you with a lot of benefits, whether your business is open or closed.
Cancelling your business insurance may seem to be a cost-effective option, but you need to understand the risks before moving ahead.
Risks of Cancelling Business Insurance
By cancelling your business insurance, you expose yourself to certain risks, which include:
You will have some losses when you cancel your business insurance […]
Setting useful resolutions for your business.
While you probably made resolutions for yourself, have you thought about setting goals for your business? There are actually many resolutions that you can set that can help your business be more successful. Here are some of the goals that you should set for your company’s success.
Host More Productive Meetings
Oftentimes, business meetings are tedious affairs that don’t actually do anything to benefit your staff or your company. This is why you should reimagine your weekly business meetings, so they are actually productive. By setting […]