In Review: Business Insurance



Last year saw businesses facing countless new challenges and issues as the coronavirus pandemic forever changed the way people live, think and work. The most immediate need for businesses in the early weeks and months of the pandemic was to figure out how to continue operations outside of the familiar, traditional office. Now, with remote processes ironed out, businesses are beginning to see the result of less immediate, but no less important, business considerations having gone unchecked for months. One such consideration should include a full review of insurance policies taken before or during 2020, as the insurance market has likely shifted since the last time coverages were discussed.

Being cyclical in nature, the insurance market fluctuates between soft markets defined by stable premiums, higher coverage limits and broader coverage terms and hard markets, where rates are higher, coverage is more limited, and capacities are more constricted. That fallout of the COVID-19 business era has unquestionably resulted in the latter, and businesses will want to ensure their insurance policies are attuned to the operational exposures related to workplace safety, employment practices and other workplace issues impacted by COVID-19.

Because businesses will inevitably turn to their trusted advisors for assistance in navigating these emerging issues, MICPA members can join the Hershey Insurance Agency for a full review of today’s business insurance landscape during the upcoming CPEconomy for Industry virtual event this Thursday, March 25. Find out what your clients will need to do in order to fully review and adjust their coverage to ensure their assets are protected. 

Source: MICPA

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