Most small business owners are looking for ways to make or save money during the COVID pandemic. While many are looking at new ways to bring their product to customers, few are taking advantage of opportunities to change their insurance policies and save a significant amount of capital.
If you own a small business and are looking for help, here are a few of the strategies we’re recommending to our clients. For more options and an experienced agent willing to help, please call us at 401.596.2525.
- Review the Policy for a Reduced Premium Option.
- Review Billing Options for Available Relief.
- Review New Exposure Brought on by COVID Responses.
Review the Policy:
- If your payroll or sales will be reduced because of Covid-19, talk with your insurance agent about how it will affect the price of your insurance policy. Many policies, particularly for restaurants and contractors, are based on sales or payroll. For those businesses, a reduction in either results a reduction in the premium.
Review Billing Options:
- If you are short on cashflow, review your policy with an agent and see if your insurance carrier is providing relief for businesses impacted by COVID-19. Some carriers are suspending or reducing payments, but in many cases you or your agent need to reach out to them to take advantage of any relief options.
Review your Exposures:
- Do you have a restaurant that doesn’t normally deliver food? Most personal auto policies exclude coverage for delivering food or other items to customers. If you started delivering food to customers as a response to the COVID-19 pandemic, you need to talk to your agent and ensure you are covered by your policy. You are likely increasing your risk, and exposure to uncovered vehicle accidents is the last thing your business needs in time of economic challenge.
Lathrop Insurance prides itself on providing excellent service for people and businesses to obtain, access and get the most out of their insurance. We help clients in the coastal community, including Southern Rhode Island and Southeastern Connecticut, safely navigate the complex world of insurance. Located in Westerly, Rhode Island, our innovative insurance experts are only a call or a click away.