Customize Your Coverage to Protect Your New Business Model

Our local businesses are terrific examples of resilience.  It is great to witness how our merchants and service providers have adjusted their operations to meet customer needs despite the ongoing, and often changing, COVID-19 health and safety requirements.

Safeguard Your Virtual Business

If you are one of the many business owners shifting gears to work remotely, insurance may not be top of mind when you are managing so many other day-to-day changes. RPM is here to assist with your online business and virtual office insurance needs by customizing coverage to “keep you whole” in the event of a claim.  Here are a few important considerations when creating your insurance plan:

• Cyber liability : Your “storefront” may be the Internet. Cyber liability insurance covers ransomware attacks, business interruption, restoration of computer systems, and legal or reputation management/public relations costs directly related to these incidents.
• General liability: Even if you do not have a physical location, you could be liable for damages or injuries your product causes someone else.  General liability insurance is a must.
• Employment practices liability: As you expand your business, you may decide to hire additional staff members.  Employment practices liability insurance protects you against claims for harassment, discrimination, wrongful termination, and allegations that can be leveled against your business by an employee.
• Workers’ compensation: No matter how many safety protocols you put in place, accidents happen. Workers’ compensation insurance covers your business when unforeseen work-related incidents and illnesses occur and helps safeguard you in the case of ensuing litigation.

The Perils of Letting Your Insurance Lapse

There is no denying that the pandemic has had a major impact on the economy and the health of our local businesses.  If your business has likely suffered an unexpected financial setback, you may be tempted to allow your insurance to lapse so that you can save on monthly expenses.    While this may seem to make sense in the moment, there are many short- and long-term ramifications to this decision which could end up costing you more than you ever realized.  Here are a few:

• No safety net. Without your insurance policy, you are totally and completely responsible for any business mistake and the liability that comes from it. There is no agent to turn to in times of trouble and no way to get reimbursed for something that your business insurance policy would have easily covered.
• Loss of discount.  When you decide to restart your coverage, you may be surprised to find out your long-term customer discount no longer applies.  In essence, you become a new customer in the eyes of an insurance carrier with your original coverage likely costing you more than it did initially… and without any additional benefits.

 The Advantages of Working with a Broker

If your business is in a challenging financial situation, RPM can help you retain your insurance coverage at the level and cost that make sense for you.  “As business owners, we understand how challenging the current economic environment can be, especially for small businesses and sole proprietors,” says RPM owner Michele Robbins. “The advantage we offer you at RPM is that we are an insurance brokerage with the ability to compare the coverages and costs offered by multiple insurance companies so that we can design a customized, cost-effective insurance plan to meet your unique needs.  In many cases, the savings and coverage adjustments we find have been enough to qualify as significant, which adds to your monthly bottom line.”

A Big Thank-You to a Champion of Our Business Community

Our Evergreen Chamber of Commerce, led by the phenomenal Betsy Hays, has been the go-to resource for local businesses. Under Betsy’s inspirational leadership, the Chamber has strengthened our business community by offering enhanced networking, marketing, and educational opportunities. During the pandemic, Betsy and her team have helped us understand and navigate the latest government regulations, business loan opportunities, and creative approaches to serving customers.  With Betsy’s last day at the Chamber coming soon, we at RPM want to thank her for being an exemplary leader and mentor during her tenure as president.  No doubt she will continue to help our community thrive in her new role as Director of Resource Development for Mount Evans Home Health Care & Hospice.  Hats off to you, Betsy!

RPM article published in the  Canyon Courier