Don’t Cancel Your Commercial Insurance during COVID-19

August 13, 2020 News

Suggestions from the Business Insurance Center

Nothing could have prepared the world for COVID-19. This virus has brought the world to a halt and left people, businesses, and countries scrambling to figure out the next step. From Main Street to Fortune 500 companies, everyone has felt the effects of losing jobs and customers. Making payroll weighs heavier on business owner’s minds as each day new restrictions are put into place. Many are continuing to cut as many expenses as possible in hopes of coming out on the other side. Some may consider dropping certain insurance policies in hopes of easing their financial strain.

As tempting as it may seem, avoid canceling your insurance. Instead contact the dependable team at The Business Insurance Center to ask about commercial insurance providers. We are happy to assist you through this crisis and into the future. We can assess your current policies, look for gaps, and see where you may have too much coverage. You need the correct protection at reasonable rates, especially in this uncertain world.

4 Suggestions to Keep Your Company Protected

Little could have prepared us for the pandemic. According to this CNBC article, the insurance industry is confronting this unprecedented event head-on. We agree, and we are here to assist you. When you struggle to make ends meet, consider these four tips before you let your policies lapse:

  1. Communicate with Your Commercial Insurance Provider. Reach out to your broker or insurer and ask for help. We are all in this together and insurance companies are trying to accommodate as much as they can. They may be able to defer payments, extend payment plans, or other offer options that may be available. You must let them know, though.
  2. Adjust Your Worker’s Compensation Insurance. Many companies had to temporarily shut their doors or layoff employees. This means less payroll going out. You can ask about switching your worker’s compensation policy from an annual estimate to pay-as-you-go. This can free up cash flow in the immediate period. You may be able to reduce your premiums by reducing your annual payroll estimate now instead of waiting for an audit.
  3. Make Changes to Your Liability Insurance. Your premiums are generally based on the number of employees you have or the annual estimate of receipts. Talk with your broker about determining a new estimate of receipts based on the changes and downturn in the economy, helping to ease your immediate cash flow concerns.
  4. Ask about Adjustments to Your Commercial Auto Coverage. If your fleet has been left at the shop instead of out on the road servicing customers, you may qualify for a credit for the time the vehicles have not been in use. Your agent can let you know if your policy allows for this type of “lay-up” period.

Stay Protected Even Amid a Pandemic with Commercial Insurance

Take proactive steps to shore up your business and come out of the pandemic in a better position. Talk with the caring commercial insurance brokers at The Business Insurance Center. We understand you have worries and concerns, and we are here to assist as best as we can. Don’t cancel your policies! Give us a call and discuss your needs today.

Request a quote online or call and speak with a knowledgeable broker at The Business Insurance Center about commercial insurance providers. We have a 24/7 call center to serve you and an online Live Chat operator.

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