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How Business Changes Can Impact Your Commercial Insurance Coverage

As the world continues to grapple with the Covid-19 pandemic, businesses continue to pivot and make changes in order to survive. While many of these changes provide flexibility and new opportunities for growth, they can also leave companies underinsured or overinsured, depending on the changes they make. Today's Aegis blog post looks at some of the changes businesses are making because of Covid-19, and how they impact commercial insurance coverage.

Operational Changes

While some companies have made minor adjustments to their workplace, others have had to completely pivot their business models or make substantial changes in order to stay afloat. These changes can mean companies need to increase or adjust their business coverage to ensure they have proper coverage for new services.

For example, many retailers and restaurants have created delivery or curbside pickup services to fill customer orders, meaning they now have to factor in liability issues for drivers and vehicles. Companies that have changed their operating hours may need to increase security measures if they are closed more often to help prevent possible business damage or property theft.

Staffing Changes

As businesses adjust to implementing many new safety precautions, the end result many mean an increase in worker hours and staffing needs in order to meet safety guidelines. This is particularly true for high traffic industries such as restaurants, retail stores, malls, grocers, and gyms that must sanitize and test employees frequently. An increase in workers may mean a change is necessary in Workers Compensation coverage.

Asset and Equipment Changes

Finally, Covid-19 has resulted in businesses buying extra cleaning equipment to sanitize surfaces and property, and electronic tools to allow them to make purchases more securely. In addition, businesses that have opted to offer delivery services have had to purchase commercial trucks and vans to meet these needs. New equipment, tools, and vehicles all mean an increase or change to commercial insurance coverage.

If your business has had to make substantial changes or pivot operating models, consider calling Aegis Insurance & Financial Services today to discuss current commercial insurance needs and gaps in coverage. We can help identify areas where changes may be needed, and provide reliable, affordable solutions for your unique business needs. Contact our office at 713-850-7622 or fill out our online form to request a free quote.

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