5 Top Trends in the Business Insurance Industry

Running a company successfully has never been easy, and recent changes in the business landscape have increased the “degree of difficulty” substantially. The list of challenges is long and continually growing.

For starters, while the COVID-19 pandemic seems to be under control, its effects will likely be with us for the foreseeable future.

They include dramatic shifts in how companies operate—from where and how their employees work to how they engage with customers and clients. Then there are the supply chain issues and labor shortages affecting virtually every industry.

With that as the backdrop, companies face significant business risks and challenges to their financial security.

Is there anything that can provide reassurance in these volatile times?

Yes. Business insurance from a provider like biBERK can protect companies from many types of losses and liabilities.

Does Your Small Business Have Adequate Insurance?

It’s an unavoidable reality of operating a small business: Your employees will make mistakes. And when they do, the individuals and entities affected by those mistakes will likely seek compensation for their losses.

Take slip-and-fall accidents as an example. They’re one of the most common sources of liability lawsuits and can result in tens of thousands of dollars in damages.

In fact, the sum from one incident—including legal defense costs, court judgments, etc.—can easily reach six figures or more.

And this can all result from a simple mistake like failing to attend to puddles in an entryway or ice on a sidewalk.

Then a customer or delivery person slips, falls, and breaks their wrist, resulting in medical bills, time off work, etc., and they’ll want your business to pay for it all.

Consequently, business insurance is essential to your company’s financial security. So is staying on top of business insurance trends.

What’s the Latest on Business Insurance?

To make intelligent decisions about your business insurance strategy, you’ve got to understand the industry, including the latest trends in insurance.

Providers are continually evolving to meet the needs of small business owners.

Five of the most recent changes are:

1. It’s easy to buy and manage business insurance online. Insurance companies understand that business owners have tremendous demands on their time. While having adequate insurance coverage must be a top priority, people don’t want to spend lots of time researching and buying it. Problem solved! Companies like biBERK now enable you to get instant, self-service quotes on the policies you need and complete the purchases right from their websites. There is no need to meet or even talk with an insurance expert unless you have questions. Plus, you can report claims and manage your policies online, too.
2. Proving you have insurance takes just minutes. To get a Certificate of Insurance (COI), you used to have to talk with a company representative and then wait for them to generate a document and send it to you. This was problematic since people like your clients or landlord may require insurance before doing business with you, and you’ve got to prove you have coverage. Now you can get a COI online without assistance anytime you need one. Have a client meeting tomorrow? Get a copy of your Certificate of Insurance this evening as you sit on your couch!
3. Insurance coverage is more customizable than ever. There are several types of insurance policies, each covering different types of risks. For example, workers’ compensation insurance provides financial protection for employees who are injured on the job, commercial auto policies cover company-owned or leased vehicles, and errors and omissions insurance protects businesses from lawsuits if they make honest mistakes. So, you can get the insurance you need without paying for coverage you don’t require. And you can work with your provider to find the right policy limits and premiums to protect your business properly.
4. Insurers are more focused on helping clients minimize risks. Increasingly, insurance companies are helping small businesses avoid risks. They do this by providing a variety of free information and resources. This can be especially helpful to first-time business owners and decision-makers. And when the number of incidents and claims declines, everybody wins.
5. Insurance companies are offering new and enhanced coverages. The insurance business used to be slow-moving at best when it came to adapting to changing client needs. That may be partly because business needs didn’t change much or often. Today, however, markets and businesses can be noticeably different from one day to the next. In response, business insurance providers have gotten much more agile. The key takeaway from this is that if you couldn’t find the type of coverage you needed previously, it’s a good idea to look again.

Embracing the Spirit of Collaboration

The new relationship between businesses and insurance companies can be summed up in a single word: collaboration.

Company owners are looking to their insurers for more options and streamlined interactions, and insurance companies are delivering.

And that’s a trend sure to continue.

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