Running a business is no small feat. Add to that the evolving uncertainties with COVID-19, protests, rioting, a recession and more, and any business is on high alert. Preparing for unknowns is difficult despite the organization’s size, but it can be even more difficult for small and medium businesses.
Whether you’re running a booming startup with a network of teams, have a small business with a dedicated core of employees or are a solo act making your dream come true, it’s important to be proactive during these challenging times. Here are three steps every business owner should take to ensure they are protected in the future:
Step 1: Have a crisis action plan
What would happen if your store was ransacked during a riot? What would you do if someone broke into your business accounts? What if you or your employee was injured on the job? It’s important to set up at minimum a basic crisis plan to deal with scenarios that could cause trauma to people and stress to your bottom line.
Crisis plans are written procedures that serve as guidelines to follow when an incident occurs. They can include training information that’s helpful to prepare for different situations. This also should include important contact information such as police and emergency numbers as well as insurance contact information.
Step 2: Secure the right insurance
Many businesses struggle to get adequate coverage, especially liability coverage for unique situations. Consider contacting XINSURANCE, which provides insurance that other providers can’t or won’t. With more than 30 years of diversified underwriting experience for difficult risks in all 50 states, you’ll find what you need.
The company has a unique approach that provides all risks with a $10 million limit in-house, with higher limits available. They can offer an all-in-one policy that can include coverages such as property, general liability, professional and specialty liability including excess medical and commercial auto (available in most states). You’ll be covered from frivolous lawsuits and won’t have to worry about gaps or exclusions in your policy.
From tow companies to amusement rental organizations to stunt performers and so much more, you’ll get the coverage you need for any risk. This can include considerations for crisis situations as well, such as communicable disease liability coverage (including COVID-19), civil commotion liability coverage (such as riots and looting), active shooter liability coverage, and more. Learn more at www.xinsurance.com or call 877-585-2853.
Step 3: Expect the unexpected
If nothing else, 2020 has been the year to expect the unexpected. It’s important that you be prepared for anything. In addition to being proactive with a crisis plan and ample insurance, you want to set money aside in an emergency fund should your business need to access it.
Whether it’s suddenly having to integrate PPE into your business procedures, adding layers of security to your digital platforms or having the funds to cover payroll if you need to suddenly halt production, having the resources to make it through a rainy day is essential, especially for small businesses that run tighter budgets and schedules.
Being a business owner is a source of pride for many people. By taking these three steps, you’ll ensure the wellness of the business and help it thrive for years to come.