How to Protect Your Business From Risk During the Holidays
With the holidays quickly approaching, businesses are beginning to prepare for the busiest and most exciting months of the year. Even if you have the best business insurance coverage, it is important to take precautionary efforts to protect your business’ safety during the holiday season where fewer people may be in the office (or working from home) and business is busy. Here are a few tips on how to best protect your business from risk during the holidays.
Check for Proper Coverage
Holiday excitement can lead to an increased likelihood of injury and risk. The world of insurance is complicated, so it can be difficult to know exactly what your business needs. Here are two types of insurance to consider this holiday season:
General Liability Insurance
General liability insurance can protect your business from “general” lawsuits, as its name suggests. It comes into play should a third party (anyone who isn’t an employee) sues your business over a couple of specific occurrences:
- Slander, libel, misappropriation, and copyright infringement (advertising injuries)
- Injuries to their body obtained on your commercial premises
- Any damages you caused their property
Professional Liability Insurance
Unlike General Liability Insurance, this policy addresses the unique lawsuits that experts may face due to the nature of their business. During the holidays, it can be easy for errors to be made with more people taking time off and the hustle and bustle of daily life. Professional Liability Insurance can protect you from these errors.
Businesses can benefit from its ability to shield you from third-party lawsuits such as:
- Incomplete/shoddy work
- Negligent professional services
- Failure in upholding contractual promises
To learn more about Professional Liability Insurance, click here.
Review Safety Precautions With Employees
Another way to make sure your business is staying safe during the holidays is to review your safety guidelines with your employees. Now is a great time to go over cybersecurity guidelines, educate your employees on what to look out for concerning theft and burglary, and review your company procedures for emergencies.
Here are a few helpful resources for educating your employees on safety precautions:
- 4 Tips for Better Cyber Security Training for Employees
- 4 Questions to Ask About Your Workplace Safety Plan
- 7 Cybersecurity Terms You Should Know
We would love to help you find the best ways to protect your business this holiday season. You can reach out to us here, and we will be in touch with you soon!