Making sure your day-to-day business runs smoothly takes most of your time as an owner or manager.  When the workday is mainly spent on managing projects, employees, vendors and other outside resources, you may be focusing on something other than commercial insurance coverage. But, are you running the risk of something falling through the cracks when it comes to coverage? 

As your trusted advisor, The Prewitt Group will work with you to map out a risk management plan that will help you avoid any commercial insurance pitfalls that may put your business at risk:

1. Inform Your Advisor of Any Changes in Your Business– Growing your business is a good thing and makes your company more sustainable, but as your business expands, so does your risk, so you will want to make sure that you are meeting regularly with your risk consultant to talk about any and all changes to your business. Your advisor will make sure that your policy grows with you and your business.

2. Don’t Focus On Cost– We understand cost is a factor when you’re shopping for commercial insurance, but it should not be the number one deciding factor to go with a particular agency or policy. You will want to make sure you are comparing apples to apples. If the cost is significantly lower at one firm over another, do your due diligence and ask what the difference is between the two policies. Look for any hidden factors in the policy that may significantly increase your risk of harm or costs should something go wrong.

3. Make Sure You’re Cyber Secure- Cyber security refers to every aspect of protecting an organization and its employees and assets against cyber threats. As cyberattacks become more common and sophisticated and corporate networks grow more complex, a variety of cyber security solutions are required to mitigate corporate cyber risk. Even if you don’t have an e-commerce business or sell anything online, your business could be at risk. As a reminder, if your customer data is stolen, your business is still liable. 

We are here to help you avoid any pitfalls in your commercial insurance coverage, and our team of advisors can identify the right coverage to protect your unique business. Instead of hoping you’ll be covered in the event of an emergency, peace of mind comes with knowing you have the coverage you need to focus on the successful future of your business. If you would like to review your coverage, we invite you to schedule a consultation with one of our Commercial Insurance Advisors. 

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Recent changes in the forest products industry involving the exit of insurance carriers from the property insurance marketplace along with tightening underwriting guidelines, and stricter loss control requirements, present a unique opportunity for us to help you navigate the road ahead.

Our forty-five years of experience and expansive network of Specialty Insurance Carriers for the Forest Products Industry allow us to serve you better and provide cost-savings solutions.

Our expertise includes risk management solutions for property, equipment and auto, claims management, risk control services and more.

Learn more about Forest Products Risk Control and contact us today as you look to navigate solutions for your specialty insurance needs.

How to Prepare Your Business for Disaster

Did you know that 40 percent of businesses fail to reopen following a disaster? According to a report from the Federal Emergency Management Agency (FEMA), another 25 percent of businesses fail within a year following a disaster. From natural disasters to cyberattacks, your business is at risk of facing downtime following an unfortunate event. In fact, more than 50 percent of companies experienced a downtime event in the past five years that last longer than a full workday.

Recovering from any disaster can be expensive and burdensome to your business, so it’s important to be prepared for emergency expenses and protect your assets with insurance. The saying, “Time is money” certainly applies in business, so minimizing downtime in case of an emergency is imperative.

Prepare for emergency expenses by:

  • Identifying your monthly financial obligations.
  • Creating an emergency fund to purchase supplies or equipment.
  • Having a credit card or line of credit available.
  • Establishing a payroll policy for during and after a disaster.
  • Establish clear strategies for controlling costs in a disaster situation.

Protect your assets with insurance: Meet with an insurance consultant to make sure you have the proper coverage for the disasters and risks your business faces. If you already have policies in place, review them with your insurance consultant to make sure you understand your deductibles, the limits of your insurance and the nature of your coverage. After all, there are many different types of coverage, all of which are subject to limitations and exclusions. For instance, some policies do not cover flood or earthquake damage, so you may need additional protection. In today’s world, you may want to consider obtaining cyber insurance to protect your business from data breaches and cyber-attacks. The Prewitt Group offers various commercial coverages including commercial property, commercial umbrella, boiler and machinery, business automobile and more.

All in all, when it comes to emergency preparedness, focus on prevention and protection. Effective preparedness can benefit the recovery process. It’s important to assess your risks and take steps to minimize damage and downtime.

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The roadways are not getting any safer. In fact, according to The Wall Street Journal, U.S. motor-vehicle deaths remained near decade-high levels in 2017. Distracted driving and an increase in the average miles driven on an annual basis contribute to this increasing vehicle fatality rate. As a business owner, it’s essential to establish a fleet safety program as a part of your company’s safety and risk management culture.

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