Small business owners may have been the group hit the hardest by the COVID-19 pandemic. With little to no warning, the government declared some small businesses non-essential and forced them to temporarily close their doors to help slow the spread of coronavirus.
The COVID-19 pandemic took nearly everyone by surprise when it arrived in the United States nearly a year ago. You probably knew that things like this have happened throughout history, such as the 1918 flu pandemic that killed tens of millions of people around the world. You just never thought you would live through a pandemic like this in your lifetime. Neither did we.
How Has COVID-19 Changed Your Small Business?
The pandemic impact on small business has caused many to change the way they operate, perhaps permanently. For example, you now offer online ordering with delivery and pick-up options. Did you remember to add the delivery drivers to your commercial insurance policy? If not, you could find yourself with no coverage available if one of your drivers causes an accident that results in property damage or injuries to another party.
Some restaurant owners added beer and cocktails to their menu in an attempt to increase revenue after reopening. Were you one of them? Did you know that you probably need extra business insurance coverage to protect you from liability if your restaurant serves alcohol to a person who later causes an accident? Arnold Insurance cares about you and your small business. We would hate to see you learn a lesson like this the hard way.
Does Your Small Business Need an Insurance Update?
Just as you go through your company’s balance sheet, budget, and profit and loss statement regularly, you may want to consider doing the same thing for your insurance policies. As the coronavirus taught small business owners across the country, your needs can change quickly due to circumstances beyond your control. Maybe you thought you had good emergency planning skills before the COVID-19 pandemic. However, the reality of possibly closing your business temporarily and/or having no choice but to change your business model blew that confidence out of the water.
If you’re wondering where to turn from here, remember that Arnold Insurance is always available to offer guidance and assistance. We recommend that you review your current business insurance policies and ask yourself if they would be enough should a situation like COVID-19 (please no!) happen again. Whether you’re a new or current client of Arnold Insurance, a review of our business insurance offerings couldn’t hurt. Here they are:
- Business income coverage, which provides funds when you cannot earn income temporarily such as after a fire or flood. Or a pandemic.
- Commercial property insurance for the physical locations owned by your business along with its computers, inventory, tools, and accounts receivable invoices. Your policy provides coverage to repair or replace these items according to your deductible and maximum benefit.
- General liability insurance protects you from losing significant assets if someone sues you claiming false advertising, personal injury, or damage to their property. It would be a shame to lose much of your hard-earned assets in a single lawsuit, but it happens.
Only you can decide if you need all three types of business insurance. Would knowing that you can save money by combining them into a single policy help your decision? We hope it will, which is why we offer this option.
Download Our Free eBook to Help Inform Your Business Insurance Choices
Arnold Insurance understands the pandemic impact on small business owners and wants to help. We invite you to download our eBook that provides more information on small business insurance to help you make the best decision for yourself, your company, and your employees.
