Straight From The Source Blog by Higginbotham Insurance

No company operates in isolation. Whether you’re running a restaurant, a construction company, an office, or any other type of business, you depend on materials and goods being delivered on time. Even minor delays can lead to major problems.

Almost anything of value can be insured against the risk of loss. After starting its underwriting business with ocean voyages, Lloyds of London covered the first automobile, the first airplane and the first satellite. Lloyds wrote a policy on the “million-dollar legs” of actress Betty Grable, and in more recent times, it covered the even-more-valuable legs of soccer star David Beckham.

It’s easy to plan for good times. When everything goes as it should, you can focus on growing your business and meeting your corporate objectives. But what happens when things don’t go as planned? Maintaining business continuity through disruptions takes careful planning.

Workplace safety is important to the health and welfare of employees and the overall health and productivity of a company. According to the Bureau of Labor Statistics (BLS), private industry employers reported 2.8 million nonfatal workplace injuries and illnesses in 2019. Of those, 882,200 caused a private industry worker to miss at least one day of work.

There’s no reward without risk. Operational risk exists in every business. However, the nature of operational risk may vary depending on the specifics of the company.

You’re only as strong as your weakest link. Even if you maintain good cyber security practices, a less diligent vendor could open the door to an attack on your data. When selecting vendors and writing contracts, it’s important to address cyber issues, liability and indemnification.

For employers, it can be one of the least transparent and least understood aspects of workers’ compensation. And yet, it’s one of the most important factors in determining your premiums.

People put things off for a lot of reasons. You might be busy. Maybe it seems unimportant. It could be just downright unpleasant. We get it. But when it comes to reporting claims to your insurer, promptness is essential. If you delay, your coverage could be negated – and that could be a big problem for your business. Protect your coverage, your company and your bottom line by reporting claims promptly.

Dealing with contracts and insurance requirements can be tricky business. Things can get especially dicey when dealing with contractual liability exclusions, additional insureds, “insured contracts” and other intricacies of the contract process.