Is Your Disaster Coverage Up-to-Date? | June 2019 Newsletter
Much has happened in the two years since the last newsletter from Employee Management Team. We formed a productive alliance with Landrum HR, which results in EMT no longer existing as a stand-alone PEO.
We are now able to use our 25 years of experience and genuine concern for small and medium sized businesses to offer a full range of consulting to our clients. We’ll help select the ideal PEO, payroll, recruiting, benefits, insurance, or other business element or activity that makes sense to outsource. Our mission is to match businesses with the best solutions for their specific situations. Moreover, we provide all of this without a fee.
In the past, we received feedback that people appreciated our newsletter because of the useful information, and we hope you enjoy it just as much now.
Let’s talk, if I can be of assistance.
Is Your Disaster Coverage Up-to-Date?
With the advent of summer comes Hurricane Season in Florida. Should disaster strike, businesses affected by the storm could incur significant financial loss. The time to verify your insurance coverage is now, before such an event could destroy your business.
Verify exactly what is included in your current policy and what is not.
Don’t wait until it’s too late.
Consider Business Interruption Coverage to your current policy.
There are 2 basic types of Business Interruption Coverage:
- Named Perils Policy – This covers only specific disaster events named in the policy. Examples would be fire, flood, vandalism, etc.
- All-Risk Policy – The All-Risk policy covers all disasters unless they are specifically excluded. Typical events excluded might be damages from floods, earthquakes or hurricanes. Such exclusions may be added to many policies for additional fees.
For additional premiums, you usually can add endorsements to your policy. An Extended Business Interruption Endorsement and Contingent Business Interruption Endorsement are two possible additions you could make.
Are Your Records Protected?
In the event of a disaster, will your records be safe? Make sure they are stored in a fire-safe, flood-proof container. Consider storing copies in an off-site location. If your files are electronic, include a continual back-up system, off-site, in case computers should become disabled.
Keep Up with Emerging Trends in Today’s Workplace
- Grant access to a cloud-based LMS so all employees can access learning materials.
- Provide on-going training & professional growth opportunities.
- Implement a solid social media policy to enable employees to become ambassadors for your company.