Focusing on the aspects of your business that help you grow profitably… it’s what business ownership is all about. At the BST Insurance Program we help small businesses do just that. Our business is to help owners insure against the risks of operating a business as affordably as possible and to provide you with the knowledge you need to help prevent losses within your business.
The BST Insurance Program, administered by Lockton Risk Services, and an approved WBS insurance vendor, has designed an insurance program to meet the coverage needs of small business owners. By creating a group program, we are able to aggregate the buying power of participants and have negotiated preferred rates with the insurance carriers. This group structure allows us to look for trends across many owners and tailor the program to best suit the needs of its participants, as well as share claims management tips based on loss experience within the program.
Safety & Loss Control -
Safety of your patrons and employees should be one of your main concerns as a small business owner. We understand leasing retail space is a significant expense, but it could be more costly to you in the long run to lease space in a poorly maintained building or area. Additionally, always be observant of the store’s condition and how it could affect a shopper. Utilizing a few key techniques can really help your business work smart.
Some key elements to look for include:
- Be aware of anything posing as a fire hazard
- Keep the store clean
- Keep aisles clear
- Do not overload shelves
- Do not stretch electrical cords across walkways
- Replace worn or torn carpeting and flooring
- Keep floors clean and dry
- Be sure the parking area and entrances are in good repair
- Utilize wet floor signs during rainy/snowy weather
- Lock up expensive merchandise or keep it out of sight when your store is closed
- Utilize motion lights or display an alarm sticker to deter thieves
There are also times during your policy term that you will want to contact your insurance agent to make changes to your policy to protect your small business and keep it profitable and running smoothly. Below are a few tips:
Change of Address - It is essential to notify your insurance agent if you move. First, so they know how to reach you, and secondly, because they’ll need to make the necessary changes to your insurance policy. The same applies if you are buying another location, selling your business, or closing your business.
Growth - If you are growing and adding inventory, you may need to raise your contents limit so you have sufficient coverage in the event you suffer a loss and need to file a claim. Please keep your agent updated if your business experiences growth.
Inventory Records - Keep records of your inventory including what you paid for the inventory, on both new and used items. We recommend you show as much detail or itemize rather than show product in bulk. If possible, keep inventory records offsite or have an electronic back-up to ensure access to these records if your store is destroyed. In the event of a loss, these records will help prove what you lost and help facilitate a smoother claim process. Good record keeping can also help identify potential theft issues.
These are a few key recommendations from the BST Insurance Program to help you keep your business running smoothly and ensure you are protected. If you have any questions, please call a member of our team at (866) 535-6480.