Business as (NOT) Usual

These are tough times. Many of us may be reviewing our business expenses, as projections are much different today than they were pre-pandemic, as you planned for a bright and sunny 2020.  


A big expense for most businesses is insurance.  But the beauty of having an independent insurance agent on your side is that you can talk to your agent at any time, and review the types of insurance listed below for possible adjustments to lessen your expense. You don’t have to wait for renewal time, call First Volunteer Insurance today and on these lines of insurance now.

General Liability– depending on your classification(s) the premium basis is either payroll or revenue/sales. 
o   Review with your agent what your new projections are.  Your agent can work with the carrier to modify your premium basis to more closely model the change.
o   Deductibles- You may also explore if there are any real savings to be realized by adding or increasing the deductible for bodily injury and property damage liability

Workers’ Compensation– the premium basis is payroll.  Many businesses have made staffing changes due to the current environment
o   Review your new projected payroll with your agent.  Again your agent can work with your carrier to modify the payroll originally projected.
o   Self-reporting- some carriers have self-reporting billing options.  With this option you monthly report payroll, usually a portal is provided, you pay based on the actual payroll incurred as opposed to projections.
o   Deductibles- your carrier may have a deductible per claim available

Professional and management liability– review what retention limits (deductibles) are available

Commercial Auto– Taking power units out of service?  Review to see if your carrier allows suspension of coverage for idled vehicles.  Not all do as in many situations they may be put quickly into service due to breakdown of in service units- it doesn’t hurt to ask!

Billing– see what options are available that may be more favorable to your cash flow.  Many carriers are making concessions to help their customers.  Some are even allowing deferred payments for a brief period to help with cash flow, you will still owe on the new due date earned premium to that point.