Insurance, Insurance, Insurance: Three Insurance Issues Small Businesses are Facing Right Now

Small Business Property Insurance

Small businesses should follow these four steps when faced with property damage:

• Review your policy to ensure that the damage to your business is covered

• Assess the amount of damage done to your business

• Present your claim to your broker or claims adjuster

• Gather “proof of loss” materials that are required by adjuster

For more information on how best to deal with property damage of your business, read this article from Business Week: businessweek.com

Business Interruption Coverage

In addition to property damage, businesses face business interruptions which also costs them money. Policies exist that cover business interruption and are usually a part of the property policy offered to a company. These types of policies are not limited to those directly impacted by events such as Hurricane Florence, but also those indirectly effected through the supply chain. If a supplier in the Southeast is unable to deliver product to a distributor in another part of the country, that distributor may have a legitimate claim if they have the proper coverage.

Employment Liability Insurance

In today’s economy, many small business owners are faced with the uneasy task of handling employee layoffs. Sometimes these layoffs are combated by employee discrimination lawsuits. When this occurs, small business owners should not ignore these threats and instead should read over their EPLI policy and contact their provider. HR Outsourcing Organizations such as The Mission HR offer many services to small and medium businesses including EPLI coverage. EPLI is a necessary coverage to carry for any small business owner especially in a business environment filled with so many potential hazards. The average cost for defending and settling employment law cases is $160,000, according to business insurance company Hiscox.

To view a detailed explanation of EPLI coverage outlined by the Society of Human Resource Management (SHRM) here: EPLI: Protection Against Bad Actors at Work

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About The Mission HR

The Mission HR is a leading partner in the PEO, HR, payroll, and benefits outsourcing marketplace. We provide a valuable service for small and medium-sized organizations and government contractors, serving as a trusted partner in integrated human resource (HR) compliance, risk management, employee benefits, employment practices liability insurance (EPLI), and payroll processing.