It’s that time of year: looking back on lessons learned in the preceding months, and planning ahead for an even more successful new year.

That means it’s the perfect time of year to review your commercial insurance policies and make any updates necessary to protect your equipment, your workers, and your company as a whole.

Workers Comp Insurance

Worker classification and workers comp issues can be a challenge. Like all business owners, you have your eye on the bottom line—but don’t make the mistake of trying to pay less for workers comp insurance by misclassifying employees as contract workers. Ultimately, you will pay a far higher price.

Not sure how to classify your employees? Contact an expert—your attorney, your accountant, or your insurance agent—to get the professional insight you may need.

Equipment Protection

Do you need an equipment floater to protect your costly equipment? Or is an inland marine policy going to do the trick?

Equipment represents a tremendous business investment. You need to protect it from damage, vandalism, and theft. Your insurance agent can help you decide the best approach to protect your tools and machinery.

Business Interruption Insurance

Insurance is an investment, too, and you may try to keep costs down by avoiding policies that may seem less important to you. But the fact is, business interruption insurance could be vital if your business has to close down temporarily due to a property loss resulting from fire, storm damage, vandalism, or theft.

After all, you will still have to make payments for taxes, loan payments, suppliers, rent or mortgage, and other obligations. But with your income temporary slashed, how can you do that?

That’s where business interruption insurance comes into play. This type of policy provides the money you’ll need to deal with those types of expenses.

Not all business interruption policies are created equal. Some many also provide funds for some time after your business re-opens, until it reaches its pre-incident income level. And not every business needs business interruption insurance, since some business property insurance policies may include wording that covers loss of income. Review your current insurance policies to determine whether you should consider business interruption insurance—or give us a call. We’ll be happy to review your policies with you.

For more than 25 years, Beall Financial and Insurance Services, Inc., has been helping corporations and individuals protect their most important assets. The agency’s client base covers a spectrum of businesses that require specialized insurance packages and knowledge. With offices in California and Indiana, Beall Financial and Insurance Services serves clients nationwide.