Unless you were living under a rock in the past two years, you would surely know how devastating the effects of the COVID-19 virus are to the US economy.
Sure, businesses do close down; it’s the bleak but typical reality. But in the first year of lockdowns alone, an additional 200,000 businesses permanently closed their doors to loyal clients and patrons.
There might have been a myriad of reasons why company executives decided to shut down operations in the past. But amid the pandemic, there’s only one cause: bankruptcy.
There were a lot of factors that made it difficult to do business—lockdowns, social distancing and safety restrictions, monetary issues. But all of them were because of the virus and how it pushed each sector to the limits.
Slowly but surely, we are standing right back up. Vaccines and other medical advancements make it possible to ease some of the restrictions. The US job market is back to mean business again with the many job vacancies available to a diverse pool of candidates.
But for the lucky ones who rode the tide, there’s the elephant in the room. Who’s to say what would happen next? A health crisis isn’t the only thing that can derail business plans. So can you still manage to cope when faced with another adversity?
Is preparation overkill? Or is looking into program specialty insurance something you should be doing right at this moment?
What is program specialty insurance?
Also known as specialty program insurance, program specialty insurance is quite a self-explanatory concept: it is a tailored insurance plan for your business.
Why do you need to get the customized one? Will that be necessary?
Yes, very necessary, as a matter of fact.
Consider this, even insurance packages offered to individuals are customizable. Are they preparing for emergencies? Building a nest egg for their children? Worried about the ramifications if their health deteriorated? Looking for more passive streams of income?
You see, whatever phase or need an individual has, an insurance package is there to match. Because we all have varying priorities—it’s never one-size-fits-all.
The same is valid in business. No two businesses are the same; program specialty insurance protects the company against its unique and complex risk exposures.
Why invest in program specialty insurance?
If we go back to the earliest days of 2020, COVID-19 was just news from overseas. It came from another continent; we didn’t have enough information to determine its repercussions. In short, we didn’t know it would hit us so hard we’re still dealing with it years forward.
That’s how risks work. They are never polite; there are warning signs, sure, but there’s no telling when they strike.
Getting a program specialty insurance for your business is added protection to the company and its interests. It can help minimize financial losses and enable an affected entity to rise from the ashes again.
In some cases, this tailored insurance can help cover the price of lawsuits and settlements and can even protect the company’s image.
Insurance 101: The Usual Types
Sure, you’ll want to get the kind of coverage that will protect your business across all angles. But insurers will usually proffer some types to you:
General Liability Insurance
In case a third-party claims property damage, physical injury, or defamation, cover every necessary reaction with general liability insurance.
Commercial Property Insurance
For unfortunate circumstances wherein your commercial property is subject to fire, damage, vandalism, theft, or other life-threatening events, the commercial property insurance has got your covered.
Workers’ Compensation Insurance
A good employer will always look after the interest of their employees. That’s what most states make sure of by requiring companies to get worker’s compensation insurance for their staff.
This insurance coverage includes medical bills and rehabilitation costs for when your employee got injured or ill while working in the office or while rendering hours working for you offsite. It can also cover lost wages for the pay they cannot physically work for while recuperating from illness or injury.
To Wrap It Up
In doing business, the wisest thing you can do is to always anticipate and prepare for risks. By investing in proactive measures such as getting a program specialty insurance, you take care of your employees, assets, continued profitability, and hopefully, business longevity.