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Written by Adam Miller
Does Your Business Need to Make Commercial Insurance Coverage Changes for 2021

Businesses will often use the start of a new year to implement new growth strategies and create new company goals for their teams. However, it's also important to make sure your business is starting the new year with the right type and amount of Commercial Insurance coverage, especially if your business has experienced recent changes or additions. In today's Aegis blog post, we highlight some of the reasons a company may need to upgrade or make changes to their existing Commercial Insurance coverage in 2021.

New Liability Risks

Companies have had to make tremendous adjustments and changes in order to remain operational and profitable in light of Covid-19. Some of these changes may impacted a company's liability risk, and commercial insurance should be adjusted to reflect these changes. For example, restaurants offering more delivery or outdoor dining options might be at an increased risk for theft of outdoor equipment, fire damage due to portable heaters, or accidents involving their drivers. In addition, companies with employees working from home might find their office space more vulnerable to vandalism or theft because of the decrease in personnel on site.

Added Assets or Equipment

The pandemic has pushed many businesses to make adjustments necessary to survive, and for some this has required the purchase of additional equipment and assets in order to meet deadlines and fulfill customer orders. For example, some retailers have upgraded to touchless point of sale technology, or portable tablets and devices for taking orders and customer payments. In addition, some restaurants and bakeries have had to invest in expanding their catering or delivery services, so they've invested in additional commercial vehicles and catering equipment. These increases in assets and equipment can mean a change in Commercial Property Insurance is needed to protect new assets from loss and damages.

Additional Staff or Business Expansion

Finally, businesses may be in need of an adjustment to their Workers Compensation coverage due to an expansion in staff. The pivots companies have made due to Covid-19 has resulted in some industries hiring more employees to make deliveries, fulfill and process curbside purchases, and also disinfect and sanitize business and customer areas. With the expansion of a business and its employees comes a greater risk of an employee injuring themselves on the job, so Workers Compensation needs to be adjusted to reflect the correct number of employees.

Companies are headed into 2021 hoping to fully recover from the impacts of Covid-19. Aegis Insurance & Financial Services is committed to helping companies during their recovery time by ensuring they have the right types and right amounts of Commercial Insurance coverage to protect what matters most. Our team of Commercial Insurance agents can help you identify possible gaps in coverage and make the necessary adjustments to provide peace of mind and stability. Contact our Aegis team today at 713-850-7622 for more information, or fill out our online form to request a free quote.

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