A lot has changed since Covid hit. If you’re like most business owners, you’ve had to do a lot to adapt to the new reality. A lot of this was kind of like putting out fires; highly urgent. How do we work outside the office? How do we keep clients safe? Wait, why is zoom asking for a password now? Here are some Covid-related insurance needs and actions you should consider.
There were likely some things that could have been done to reduce your premiums on insurance back when this pandemic started.
The best commercial insurance providers contacted their clients shortly after it became apparent this Covid pandemic was going to take awhile to get through. Here are some of the things that the best agents/sources did for their clients:
- Lowered estimated gross receipts. This could really LOWER your liability premiums.
- Lowered estimated payroll. This could lower your workers compensation premiums
- Reviewed coverages to ensure you have what you need but not what you don’t need.
Now it’s time for you to do a few things to address those Covid-related insurance needs.
- Consider getting a second opinion on all of your insurance .
- Ask for a comprehensive review—what gaps are there? What do I really need? Where can we save responsibly?
- Make sure to check with at least one good indie agency besides your local agency.
- There ARE alternatives to your local agency … for example, one of our favorites for most industries is Mylo … Here’s why: comprehensive review, true one-stop shop, 100+ companies and thousands of products. There’s a high chance they’ll have an awesome solution for you, cool combination of licensed industry experts AND data-driven shopping technology etc.
- Things have changed during covid. If you haven’t shopped in the last 6 months—do it now. You might be surprised at what kind of deals you can get.
- If you don’t switch to something better: Adjust gross receipts and payroll estimates on your current policies. They may not be the biggest savings, but it’s better than not doing anything..
- Any good agent would have called you proactively when Covid first started. If your agent didn’t, perhaps it’s time to shop. There are good agents that will stay on top of your account for you.
- This impacts your rates. Often, they won’t adjust these going back in time, only going forward—so every day you wait, you’re paying more than you should.
I am the founder of Lifting Individuals for Future Enrichment. I have been incorporated since 2012. Because of limited funding, attending school and working full time, I was unable to properly operate my business at its maximum potential. Now that I have accomplished my personal goals I and ready to run my business. I see the need in my community for youth to have an outlet to express themselves through our Education, recreational and life skills programs. I am interested in partnering with schools and other youth organizations who wishes to work together to revitalize the community.
I’m the owner of a online Boutique strictly women’s clothing but due to the pandemic I was laid of my job and my 9 year old daughter school also shut down. I became a stay at home mom/ teacher I was forced to delay my Goals of opening up a boutique. My store suffered a great deal because I had to make a choose for my child’s education and well being. During the pass few month I’ve been focusing on Branding my business as well as my Daughter up and coming clothing apparel on top of studying for my Real estate license covid 19 taught me that life can easily change and being financially stable is very important
I am the owner of an upscale salon called Rags to Richie’s Styling Experience. I opened my physical site in1999, where we operated until 2013. I then closed my physical site and did contract, personal services out of another salon, and returned full time to my college degree studies in Social Work and Counseling for the public school system. As I grow closer to retirement, I am interested in securing another physical site and staff to provide full salon services and partnership with local cosmetology and barber academies to apprentice graduating students who wish to exit school and continue their state requirements under the supervision of a license stylist and receive early experience in the real world of cosmetic services.