Commercial Businesses, Prepare Your Winter Insurance Now!
Winter is just around the corner and aside from setting up our Christmas decorations and Christmas trees, we got to ensure our business insurance is all renewed. Winter is a critical season as temperatures drop, the weather changes, there is also a higher chance of accidents happening. It’s the holiday season, we want to be worry-free and instead, worry about more important things, such as making a nice warm cup of hot chocolate and watching the latest Netflix show.
Commercial Auto Insurance
2020 has broken the record this year during the hurricane season and we have experienced the aftermath of it, seeing trees falling on cars and destroying them is truly terrifying. Think about what could happen during winter - heavy snowstorms, ice storms, hail, mother nature is unpredictable.
More importantly, do you have a vehicle used for your business operations on a day-to-day basis? It is crucial to have commercial auto insurance for your vehicle to not hinder your ongoing business. Aside from mother nature potentially damaging your vehicle for your business, with the roads being more slippery due to snow, consider adding on protection for risk of collision.
Furthermore, if you are using a car or truck for both your business and for personal use, commercial auto insurance covers both. We also have a tip for you on how to maximize your tax deduction for your personal vehicle.
Commercial property
For businesses that lease or owns office space, manages inventory, manufactures products should consider commercial property insurance. It is also a core coverage in the Business Owners Policy (BOP) insurance. You may think that commercial property insurance is to protect the equipment, inventory, and any other physical assets that are valuable to the company but the winter weather can cause damage to your building.
If your commercial building has a flat roof, the roof may collapse due to the buildup of ice and snow, causing enormous weight. Snow and ice can also cause leaks in your roofs due to ice dams that form along the edge of your roof. When the ice melts, the water cannot be drained properly and because it has nowhere else to go, it will go down through the roof and through the ceiling of your property. Also, a drop in temperature could cause the water pipes in your building to freeze. A frozen pipe will lead to the water in it to expand, eventually causing them to burst due to the pressure. You’ll go to work the next morning and find your building flooded with water.
All these damages are expensive and may cause hazardous conditions within your business too. Therefore, it is important that your commercial property has insurance coverage.
Winter Renovations
Is your next project a roofing one? Or repairing loose or missing tiles for your client’s home?
Having projects during winter poses a higher risk for accidents to happen, hence, it is very important to have contractor’s insurance that will give you general liability coverage. For projects mentioned above, you can add on inland marine insurance to cover your day-to-day tools, products, and equipment taken to and from the project site.
"While many parts of the country made it through last winter with hardly any snow, this winter's forecast for the northern half of the United States is expected to be colder than average with more snow than usual in the Northern Plains, New England, and the Great Lakes regions" - Snow Blowers Direct
Snow plowers, are you ready for this winter? Make sure you insurance policy is renewed!
For small business owners & E-commerce business
2020 has been a tough year, especially for small businesses. This is precisely why existing small businesses have to protect themselves further. The two important insurance coverage every business needs to have is liability and property - which a commercial package policy called the Business Owners Policy includes both.
The E-commerce industry is also growing this year, not only because we’re in the age of technology but the coronavirus pandemic also played a part. Black Friday online sales hit just over $9 billion this year, that’s a big number. For business owners running an E-commerce business and have inventory with you, make sure you have insurance to cover for your inventory as homeowners insurance does not.
We have a team of experienced brokers who can help you with further questions. Send us a message via the form below and we will get back to you within 24 hours or call us at 718 886 6601.