In the bustling world of small businesses, owners wear many hats. From operations management to human resources, marketing, and sales, it’s a ceaseless juggle. Amid these myriad responsibilities, there’s one critical area that often goes unnoticed: insurance. Most small business owners understand the importance of having insurance, which may range from workers’ compensation to general liability, professional liability, commercial auto, and cyber insurance. They procure coverage, check the box, and then, more often than not, they leave it to gather dust. However, this approach can leave a business vulnerable.
“Being underinsured puts a company at risk of taking on a significant financial burden,” warns Peter Shelley, President of biBERK, a Berkshire Hathaway Insurance Group company. “Fortunately, it’s a problem business owners don’t have to face if they review their policies annually and make adjustments as needed.”
Businesses are in a state of constant evolution. They welcome new customers, launch new products or services, and adapt to changes in their market and economic conditions. In such a fluid landscape, insurance policies that once provided adequate coverage may quickly become insufficient. If an owner doesn’t periodically review their insurance coverage, they may find out too late, after an incident has occurred, that they’re underinsured. The financial repercussions of this oversight can be daunting. After all, the cost of liability or loss comes straight from the company’s revenues or savings.
Preventing this scenario is not as daunting as it seems. Insurers like biBERK, with their 75 years of insurance experience, are more than equipped to help customers evaluate their policies and adjust them relative to their business operations. This could mean increasing policy limits to compensate for inflation or business growth, or perhaps adding new coverage, such as commercial auto insurance, when the company expands its fleet. At times, it could even involve dropping coverage for assets that no longer exist, such as sold company vehicles.
Leading insurance companies, like biBERK, offer a wealth of information on their websites to assist owners in understanding what policies they need. They also provide access to licensed insurance experts to answer questions. Rather than viewing insurance as an unwelcome expense, it should be considered a valuable asset that needs proactive management to maximize its value.
Rakesh Gupta, Chief Operating Officer at biBERK, is one such expert who brings a unique perspective to the industry. His rich career history, spanning diverse industries such as airlines, railroads, and publishing, underlines the importance of embracing change. He argues that change is often slower than anticipated but gains momentum over time. His vision is apparent in how biBERK uses technology to simplify the traditionally long and tedious insurance process. From quote to purchase, it can now be done in 15 minutes, with the policy in effect by the next day in most cases.
Gupta’s focus on team building and growth has significantly contributed to biBERK’s success. His leadership has helped position biBERK as a forerunner in revolutionizing how business insurance is quoted in real-time online, purchased, maintained, and used when claims arise.
So, if you’re a small business owner, take a moment to consider the value of adequate insurance coverage and the importance of managing it proactively. It’s an investment that will ensure the safety and stability of your business in the long run. To learn more, visit biBERK on Facebook, LinkedIn, and YouTube. Don’t overlook this critical aspect of your business—engage, understand, and protect it today.
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