Commercial Insurance Coverage For Your Peak Season
We talk a lot about having not just enough coverage, but the right coverage when it comes to your commercial lines insurance. There are a lot of businesses out there that have differing needs throughout the year. In these situations, it’s important to work with your commercial insurance agent to make sure that your coverage covers your business and your employees year round. Businesses frequently have a peak season where they may keep more inventory at a certain time of year or even only operate during a certain time of the year. It’s important for your business that you have enough coverage for your business, building, employees, and vehicles during every seaon of your business.
Here are some examples of peak season insurance changes that may apply to your business insurance:
- Inventory Increase During Peak Season
- Commercial Vehicles Only Used During Certain Seasons
Inventory & Peak Seasons
In true spring spirit, one of the examples we have come across for an inventory change during peak season is a plant and garden supply store. Maybe it is hard to imagine planting and watering your lawn as we still see snow on the ground, but around this time is the most popular time to do it (once the sun comes out). This demand for planting supplies isn’t something planting and garden supply stores have seen throughout the winter months. For a plant and garden store, that means they have to up their inventory to spring into spring. When they bring in more inventory, they have to be sure to also have enough coverage for their larger inventory. This could mean that you keep a higher coverage limit year round so that when this time comes you have enough.
If you are still figuring out your business’ needs and patterns, it may be a matter of having to call your agent to obtain more coverage. The same coverage you needed in December when you opened may be a lot less than you need come peak season. You could also ask about “peak season” coverage which increases the business personal property limit on your commercial property insurance automatically at certain times of the year within the policy term. There are different options for your peak season coverage needs, your commercial lines agent can help you decide which is right for you.
Especially in New England, just because spring is here may not insure those supplies are flying off the shelves. If something were to happen to your store, you want to be able to replace all of your inventory at the time, no matter what time of year it is. While the above is just one example, there are a large numbers of businesses that experience a “peak season”. Some others are pool supply stores, a jewelry store or flower shop close to Valentine’s Day, and landscaping businesses in areas that don’t always have green grass around.
Commercial Vehicles & Peak Seasons
Landscaping businesses in New England areas are also an example of a business where you may have to deal with another peak season issue: commercial vehicle insurance. If you own a landscaping or other construction business and you only use your vehicles during a certain season, you may be tempted to pull back on coverage. It may seem like a good way to cut costs during a lull period for your business, but keep in mind your vehicles can benefit from coverage, even if they are sitting in a garage.
Even sitting in a driveway or garage, your commercial lines vehicle could be stolen or vandalized. If this happens, you don’t want to be paying for the damage or replacement vehicle out of your own pocket. Talk with an agent about some options there may be for your commercial vehicles that won’t be on the road for a certain time of year. Keep in mind that taking off all coverage may just make more work for you when peak season does arrive. Do you really want to be at the RMV when business picks up?
Whether your business is growing or changing with the seasons, keep your commercial lines agent up to date. Business insurance can be even more confusing than personal lines insurance, but it also arguably even more important. Having a knowledgeable agent by your side can help you to be confident in your policies and coverages. A good, comprehensive coverage portfolio is one of the most important things your business can have. Do you have enough coverage with the growing trends and seasons of your business? Our agents can help you answer that question and any other business insurance questions you have.
Have questions about your business insurance policy or worried about your coverage? Give our agents a call today at 888.865.1244 and they can help you navigate everything from your commercial property insurance to your extra liability needs.Read More