As a small business owner in Hawaiʻi, you face a unique set of challenges and opportunities. The ebb and flow of tourist seasons, the occasional impact of severe weather, and the distinct island economy all play significant roles in your business operations. Yet, alongside these local factors, you share common concerns with small businesses worldwide.
One critical area that demands attention, regardless of location, is protecting your assets and employees from potential liability. Let’s look at how you can effectively safeguard your Hawaiʻi-based business and address both local and universal business challenges.
Avoid Losing Top Talent
Studies show that employers who prioritize their workers’ safety are more likely to attract and retain top talent. If you fail to maintain your workers’ insurance coverage, you may struggle to protect them in the event of an accident, offer the benefits that are important to them, or retain them when new job opportunities arise.
Attracting and retaining top talent is important for any business, and having comprehensive business insurance plays a significant role in this process. Employees value employers who demonstrate a commitment to their safety and well-being through proper insurance coverage.
Without adequate business insurance, you may find it challenging to protect your workers in the event of workplace accidents or incidents, potentially leading to decreased job satisfaction and increased turnover, onboarding, and training costs.
Decreasing Absenteeism
Inadequate business insurance can lead to an unexpected consequence: increased employee absenteeism. When employees feel uncertain about their workplace’s safety or financial stability, they may be more inclined to take unnecessary days off or actively seek other job opportunities.
Moreover, in the event of a workplace incident or natural disaster, businesses with proper insurance coverage can typically resume operations more quickly. This rapid recovery not only minimizes downtime but also reduces extended periods of employee absence due to workplace closures or disruptions.
By investing in solid business insurance, you’re not just protecting your company’s assets; you’re also promoting a stable work environment that encourages regular attendance and productivity among your team members.
Decreasing Cybersecurity Risks
With the advent of technology and the modern dependence on it, insurance to cover cyber incidents is a must-have business of all sizes, across most industries. Cybersecurity attacks happen every day, regardless of the business’s size or asset value, and without adequate coverage, you may be unprotected if an unauthorized user hacks your system.
Although your small business may have fewer data assets than larger ones, hackers often assume this means you have fewer security measures as well. In the event of a data breach or cyber attack, there are many hidden costs to losing valuable company, employee, and asset data including the costs of potential lawsuits, loss of intellectual property, client confidentiality, downtime, notifications, and reputational damage.
Adequate cybersecurity coverage empowers you to protect your business and valuable data assets against common cyber threats.
Decreasing Personal Auto Liability
While commercial auto coverage provides clear protections for businesses that operate company vehicles, many small business owners unknowingly neglect to extend this coverage to personal vehicles. Doubling as a company car when needed, personal vehicles may occasionally be used for transporting inventory, equipment, and staff, meaning liability may apply to personal vehicles as well.
If your personal vehicle is damaged during business operations, your personal auto insurance policy may not cover the resulting damages and medical liabilities. When buying business insurance, consider whether your personal car could be liable for business-related accident costs.
Covering Flood Damage
A common mistake of small business owners is the assumption general property coverage protects your business from flood damage. However, most insurance policies require extra coverage to protect buildings and assets from flood-related damage.
As many small businesses in Hawaiʻi are located in flood zones, maintaining adequate flood coverage is essential to preventing these hidden costs. An experienced insurance firm can assess your flood risk and customize your policy for the right type and amount of coverage.
Atlas Insurance Helps Small Business Owners Maintain Adequate Insurance Coverage
Maintaining adequate corporate insurance, including addressing coverage gaps in common policies, is essential for small business owners in Hawaiʻi. The hidden costs of asset damage, data loss, and legal liabilities often far exceed the cost of insurance.
At Atlas Insurance, our experienced team has helped businesses obtain adequate insurance coverage for almost 100 years. We pride ourselves on serving Hawaiʻi’s thriving community of small businesses by personalizing their insurance policies to meet their changing needs.
Contact our team today to learn how we can tailor your policy to your business’s workflows to make sure you never have more or less coverage than you need and avoid these hidden costs of operating with inadequate coverage.