Straight From The Source Blog by Higginbotham Insurance

Strategic planning is an organizational process designed to define a company's overarching mission and vision, clearly identify measurable, actionable goals and implement control mechanisms to maximize the likelihood of achieving them. 

Business insurance is one of the most integral parts of any modern organization. From natural disasters to job site injuries, theft and more, this crucial protection can spell the difference between success and failure. Most small business owners need business insurance because their personal assets are more closely aligned with their business assets.

Is your commercial roof coverage as good as you think it is? Exclusions in commercial property insurance policies are becoming very common. Here’s what you need to know about roof limitation endorsements.

It’s perhaps the most instantaneously unnerving and terrifying natural event you can experience. When an earthquake strikes, there is no warning. There’s no storm track to follow. There’s no battening down the hatches. There’s no time to evacuate. And you can’t outrun it.

For businesses and homeowners alike, Hurricane Laura was yet another stark reminder of the power and fury of windstorms. With sustained winds as high as 95 mph in Lake Charles, LA, and gusts recorded as high as 150 mph in other places, Laura caused 59 deaths and nearly $9 billion in damage in Texas and Louisiana.

It’s one of the worst nightmare scenarios for any business owner. After pouring your sweat, soul and financial resources into building a successful business, a devastating event comes along and forces you to close your doors. It could be a fire, natural disaster, equipment failure or any one of numerous other scenarios. And, it could result in a temporary shutdown – or a permanent business failure. 

Most companies are aware of their ransomware and data breach exposures and the urgent need for cyber liability insurance. However, there are other exposures that exploit human weaknesses. Worse yet, losses caused by employee mistakes may not be covered by standard policies. That’s why your business may want to consider social engineering coverage.

If your business only has a physical location in one state, you might think that’s the only state that needs to be listed on your workers’ compensation policy – but think twice. There are multiple situations in which other states might come into play, and this needs to be reported to the insurer.  

Insurance rates are rising across most lines of business. This means that your company’s insurance rates may be going up – even if your claims are low. Or, you may find that there are exclusions in your commercial insurance coverage that are important to have covered. You may also see that deductibles are increasing while your premiums are also increasing. If you’re finding yourself in this situation, you may be looking for a new strategy that will help you keep your insurance costs contained and improve your overall risk management program. That strategy might be captive insurance. 

Businesses around the world are worried about cyber risks. According to Business Insurance, a 2019 survey from the World Economic Forum found that cyber threats are the number one risk that American and Canadian business leaders worry about. Given this concern, it’s no surprise that interest in cyber liability insurance is increasing. Obtaining cyber insurance is a smart move – but not all policies are the same.