Business Insurance New Year

The new year has arrived. Not only are individuals resolving to make changes for the better, businesses are too. Many of those resolutions include improvements to human resource policies, customer relations, better adoption of online marketing, and a slew of revenue generating ideas. One area that is often overlooked in this renewed “to do” list is insurance.

Coverage, and all of the contingencies that surround it, can have a very real and immediate impact on the success of your business, from a small boutique shop to an entire office floor. Park Insurance is here to guide you through the year by providing you with key tips to protecting your company from common insurance concerns.

5 Insurance-Focused New Year Resolutions for Your Small, Medium, or Large Business

1. Protect Your Brand from Social Media Backlash

Many corporate resolutions include a stronger push for brand awareness on social media. It can be a very lucrative marketing channel. But it does not come without concern.

Without proper management, social media activity can harm your business, and make you liable for damages. To protect your business, institute a clear and comprehensive social media policy that covers everything from managing customer complaints to how employees conduct themselves when associated with your brand. Other measures include protecting the privacy of followers, making no false claims (re: promotions), refraining from sharing copyright protected content, and avoiding referencing competition on social media. Last but not least, ensure that your commercial insurance policy covers you for this unique form of liability. View the complete guide to protecting your business from social media liability.

2. Protect Your Business from Seasonal Predators

Certain seasons open commercial businesses up to greater risk of crime. The winter (the season of new year resolve) is the most threatening. The days are shorter, and with less daylight, a darkened spotlight shines bright for burglars and vandals. Thankfully, a few easy-to-follow tips will go along way towards keeping your shop, staff, products, materials, and equipment safe from the ill-intentioned. For starters, keep your shop well lit during closing hours. Also, minimize window display coverage so that you don’t provide burglars with a safe haven (from security, officers, and the public) within. Prepare for power outages that will shut down security systems and lighting by installing backup power generators. View this complete 5-point guide to protecting your commercial business from crime in the winter.

3. Protect Your Business from Seasonal Weather

The weather can also have a big impact on your business. Here in Canada, the winter season is one of the biggest culprits. Park’s article on winter preparedness for your business covers this in detail. It includes a complete inspection of your water pipe and roofing systems, ice and snow removal to prevent slip and falls, and power outage preparedness. Of course, weather concerns are not exclusive to the winter. Water damage concerns ramp up in rainy season (or practically all year here in Greater Vancouver BC) and thus you will want to reference this graphical guide to protecting properties from water damage, which can apply to your brick and mortar business too.

4. Prepare Your Business for the Onslaught of CyberCrime

With approximately 70% of Canadian businesses falling victim to cyberattacks, the threat is very real. In 2017, some form of attempt on your business’ website (or online storage) is practically imminent, with the new wave of cyberattacks on the way. You can minimize this risk. It starts by having an IT consultant educate your entire staff on cyber security. Practical measures include real-time software updates, frequent data backups, and the use of encrypted communications. You may even consider soliciting the services of a “white hat” hacker, who will attempt to hack your digital systems and uncover holes in security. View Park Insurance’s 6-step guide to protecting your business from cybercrime.

5. Have Your Existing Insurance Policy Reviewed by an Independent Insurance Broker

The most important step that you can take to prepare your business for the new year, is to have a independent insurance broker perform a comprehensive review of your business insurance policy. Only then can you gain confidence that you are fully covered and prepared for all of the contingencies that the new year (and beyond) can bring. Contact Park Insurance today, and let us help you get started on your business’ new year resolutions.