risk management

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A new year brings with it an opportunity to assess your small business goals and needs. As you’re going through your 2023 checklist, don’t forget to include your business insurance in your new year check-up. 

Many small business owners are juggling many tasks to run their day-to-day operations. They don’t need the hassle of worrying about whether they have enough insurance coverage. So what does small business insurance look like? 

According to our partners, The Hartford, there are 11 areas of coverage small business owners need to have in place; however, if you are just starting out and cannot get all of the recommended coverage, you need to ensure that you at least have these three areas of your business covered:

1. General Liability Insurance: General Liability Insurance protects your business from claims it caused either in the form of bodily injury or property damage to someone else. This can be things like slips and falls in your place of business or store. Some business owners add a Product Liability policy to their General Liability policy to protect against injury from the use of their products.


2. Professional Liability Insurance: Professional Liability Insurance protects your business from mistakes in the professional service areas that your business provides. If you are sued for a mistake, this insurance policy will help cover the costs of your legal fees.


3. Workers’ Compensation Insurance: Workers’ Compensation Insurance provides benefits to employees who may be injured or fall ill under your employment. More than likely, your state laws require businesses to have this type of insurance.

In addition to the three policy areas mentioned above, you should strongly consider adding a Business Income Policy, Commercial Auto Insurance Policy and Data Breach Policy. These additional policies can be a lifeline for your business if something should go wrong. 

Upon a risk assessment by our team of advisors, other coverage areas may include Commercial Property Insurance, Commercial Umbrella Insurance, Employment Practice Liability Insurance, Business Owner’s Policy, and Hazard Insurance. 

Give yourself peace of mind in 2023 by making sure you are covered. Our risk advisors are ready to help you with all of your insurance needs and put the power to mitigate risk to work for you. 

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Auburn University’s Harbert College of Business has recently chosen The Prewitt Group, a Birmingham, Alabama-based risk management firm, as one of its “Top Tiger” honorees for entrepreneurial spirit and exceptional growth. The Prewitt Group is honored to be among the 54 businesses and companies selected to receive this prestigious award in the Medium Companies category, which comprises companies with revenues of over $5M to $30M.

“Top Tigers” represents one of Auburn University’s important recognition events that showcases its successful alumni entrepreneurs. Honorees are selected annually based on their total sales levels and adherence to the Auburn Creed in running their businesses. We are excited to recognize 54 Top Tigers this year, who operate businesses across diverse industries and are alumni from several different Colleges and Schools across campus, ” said Franz Lohrke, Lowder Endowed Chair in Entrepreneurship and Professor of Entrepreneurship at Auburn University.

The Harbert College of Business and Warren Averett CPAs and Advisors co-sponsored this program and selected the winners based on compounded annual growth rates over the last three years. They also ranked The Prewitt Group based on revenue growth and the commitment to operate the company consistently by the Auburn Creed.

“We are thrilled to be honored and included by Auburn University and the Harbert College of Business,” said Johnny Prewitt, president of The Prewitt Group. “Auburn’s Creed is something that is instilled in every graduate, and we strive to live by it every day, in both our business and personal lives. We indeed are honored to be chosen as a ‘Top Tiger’.”

John Prewitt, Jr. (Jack) founded The Prewitt Group, formerly J.R. Prewitt and Associates, in 1974, and over the past 48 years, the agency has grown to become one of the most trusted local and national names in risk management. The Prewitt Group’s legacy has proven to be one that offers exceptional service through partnerships with a network of top-rated insurance carriers that are aligned with our mission, vision and values.

The firm is now led by Jack’s two sons: Johnny Prewitt (President) and Andy Prewitt (Vice President). This is the eighth year the College of Business has recognized businesses that have been founded, owned or led by Auburn graduates.

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TPG Hurricane Safety Blog Post

Hurricane season is in full swing and while it may be easy to overlook the importance of evacuation/preparedness details due to the current pandemic, it’s even more imperative not to be caught unprepared. Before, during, and after a hurricane can be an incredibly stressful and frantic time. According to the CDC, it’s important to know how the Covid-19 pandemic can affect disaster preparedness and recovery, and what you can do to keep yourself and others safe.

Below are some tips on how you can prepare, evacuate, and shelter during severe storms while remaining safe from the coronavirus.

Prepare

  • Given the current state of the coronavirus, it may take more time than it would have prior to prepare your emergency food, water, and medical supplies. While some do not have the option to have their supplies delivered, it is the safest route. If delivery is not an option, follow steps to protect yourself and other’s health when running essential errands.
  • Updated plans regarding shelters (including shelters for your pets) and evacuation are important to monitor.
  • COVID-19 vaccines help to protect you from getting sick or severely ill with COVID-19.

Evacuate

  • Preparing a “go kit” with personal items that are necessary in case of evacuation is a good idea. Items should include alcohol hand sanitizer, bar or liquid soap, disinfectant wipes (if available), and multiple, clean masks for those older than 2 years of age.
  • Make sure you have several ways to get weather alerts. The National Weather Service cell phone alerts external icon, or (@NWS) Twitter alerts are great resources.
  • It’s important to check if your area’s local public shelter is open if you need to evacuate your house. It’s also important to keep in mind that your designated shelter may have changed this year due to COVID-19.

Shelter

For those residing outside of their household with family or friends to avoid the storm:

  • Check-in with those you plan to stay with to ensure the proper precautions are taken to protect against COVID-19.
  • If your households include someone with a higher risk of developing severe illness from COVID-19, make sure everyone knows how to keep them protected.
  • It’s important to continue practicing everyday preventive actions, like covering coughs and sneezes, washing your hands often, and avoiding touching your eyes, nose, and mouth with unwashed hands. It may even be necessary to take extra precautions for people living in close quarters.

As always, your Prewitt Group team is in place to provide guidance, manage claims that may occur, and most importantly, protect you and your family as if you are our own.

Source: https://www.cdc.gov/disasters/hurricanes/covid-19/prepare-for-hurricane.html

TPG Hurricane Safety Blog Post

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TPG Friday LI

Brian Fleury assists in answering this week’s FAQ. Brian joined The Prewitt Group in 2019 as a Personal Lines and Small Commercial Distribution Leader.

Long-term care insurance helps pay for a wide range of services for those who need it and is mainly designed to assist with costs of custodial and personal care. While most of these services do not include the cost of medical care, coverage can include staying in an assisted living facility, nursing home, or adult day care. These policies pay for the cost of care due to chronic illness, an injury, or a disability. Often, just the effects of aging requires people to need help, and long-term care coverage can help.

As you go through your financial planning process, it’s important to understand long-term care costs as you approach retirement age. We have risk advisors that can walk you through this process and make sure that you are covered properly.

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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.