The COVID-19 pandemic has affected and transformed how small businesses operate. Many people have adopted working from home, using new technologies, and starting ventures in different niches. Unfortunately, some lost their jobs or businesses during this period and had to try new things. With all the changes that have occurred during this period, insurance has also evolved.
At Jeff Johnson Insurance Agency, we help small businesses in Des Moines, Waukee reassess their insurance. We understand times have changed, and what may have worked in the past may no longer be applicable. Here are some of the ways our agents are addressing the needs of small businesses:
Align Services with Home-Based Businesses
The number of home-based businesses has shot up significantly within a short time. Most of these proprietors usually mistakenly assume their homeowner’s (HO) insurance policy and end up uninsured. Insurance agents come in and ask whether have reviewed your homeowner’s insurance lately, determine your risk level, and offer to evaluate coverage. Some of the considerations include whether business clients come to the home office, the safety of equipment in use, and the use of a personal vehicle for business.
Assessing a home-based business helps to determine whether you need a business owner’s (BO) policy to protect your business from liabilities. The key elements that may be added to BO policy include:
- General Liability Coverage – If your clients come to the home office and cover risks such as slips and fails, which could result in medical expenses.
- Business Property Coverage – Protects your business inventory at home, including the computers, printers, and merchandise.
- Product Liability Insurance – Protects small home-based businesses selling or manufacturing products against claims from the use of the product. For instance, if you sell desserts to a local restaurant and their customers get sick from eating your products, the policy will protect your business.
- Personal Lines Auto Policy – Protects the business from vehicular accidents. Excludes business usage.
Help with the Learning Curve
Many new small business owners do not understand the difference between personal and business insurance. Our agents at Jeff Johnson Insurance Agency help clients understand the difference between the two, expose them to insurance terms, and how to navigate nosiness risks. With the emerging new ways of doing business, smart coverage options like errors and omission (E&O) coverage, and cyber liability coverage are becoming popular. With a clear understanding of such trends, you get coverage that is more comprehensive for your business.
Adjust Coverage Time
The recent market disruptions caused by the pandemic have affected every aspect of conducting a business. With the changes that occurred, insurance companies have also been forced to change. At Jeff Johnson Insurance Agency, we regularly talk with our clients about their business needs and adjustment needed in the current market space. This has built more confidence in our small business clients and helped reduce their risks appropriately.