Adjusting Your Business Insurance Coverages With the Seasons

Changing seasons bring new weather, but they can also signal changes in the risks your business faces. Whether you own a retail business and are prepping for the holiday rush, or are a landscaper facing a lighter workload, your insurance needs should adjust with the seasonal risks.

Retail Surges

During the peak holiday season, events like Black Friday, Christmas, and back-to-school often prompt retailers to stock up on their inventory. However, with more inventory comes more risk of theft or loss due to fires or damage.

To account for this increased exposure, you may consider increasing your business personal property coverage for the seasonal inventory increase. You may also want to review your contents limits if you stock high-value items to ensure they’re properly covered.

Winter Weather

Winter storms and the snow, ice, and freezing temperatures they bring can adversely affect your business property. Make sure your property insurance covers damages due to frozen pipes and storm damage.

Increased Seasonal Delivery

Many businesses see an increase in deliveries around the fall and winter holidays. Make sure you adjust any commercial auto policies to reflect an increase (or decrease) in your operations that utilize vehicles. You may also consider comprehensive coverage for storm-related damages if you don’t carry it already.

Temporary Staffing

Hiring seasonal staff may be necessary, but it can introduce additional risks. Update your workers’ compensation policy to reflect your seasonal hires. Check with your insurer to make sure you follow all regulations and requirements.

Seasonal Events

If your business hosts holiday events, outdoor markets, or promotional events, your exposure to third-party injuries or property damage can increase. Consider adding event liability coverage for short-term events you host, and make sure your general liability policy includes coverage for your business events.

Contact Us

While you can’t prepare for every incident, you can anticipate some changes in risk by examining how seasonal changes may affect your business. Contact Vozza Insurance Agency in Traverse City, MI today to review your commercial insurance and find the right coverage for your risks and budget.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.