Business Insurance

Small Business Insurance New Year, New Risks – Why Your Policy Needs a January Review

Posted on by McGriff Williams in Business Insurance, Tips |

Why Small Business Owners Should Review Their Commercial Insurance Coverage

The start of a new calendar year is more than just a fresh page—it’s a critical moment for small business owners to assess and adjust their operations. Your small business insurance policy should be at the top of this review list. As your business evolves, so do the liabilities you face, and inadequate commercial insurance coverage can leave your company exposed to financial loss.

January: The Best Time for a Business Insurance Audit

Why kick off the year with an insurance review? Your business operations in the previous year often involve changes that directly impact your risk profile:

  • Growth and Expansion: Did you hire new employees, increase inventory, or lease a larger office space?
  • New Equipment/Assets: Purchasing new machinery, technology, or vehicles changes the value of your assets that need protection.
  • Updated Services or Products: Launching a new offering may introduce professional or general liability risks not covered by your current policy.
  • Changing Regulations: New state or industry-specific compliance requirements might necessitate different forms of business liability insurance.

Key Areas to Update in Your Small Business Insurance Policy

A thorough January review helps identify gaps in your protection. Focus on these critical types of small business insurance:

1. General Liability Insurance (GLI)

Did your client interactions or on-site foot traffic increase last year? General liability insurance protects against claims of bodily injury or property damage for which your business could be held responsible. Verify that your current liability limits align with your updated exposure, especially if you moved to a new location or handle more high-value projects.

2. Commercial Property Insurance

This coverage protects the physical assets of your company—buildings, equipment, inventory, and supplies. Review the following:

  • Inventory Value: If sales surged, your current coverage limits might undervalue your stock, leaving you under-indemnified after a loss event.
  • New Asset Valuation: Have you purchased new computers, manufacturing equipment, or furniture? Update your asset schedule to reflect the current replacement cost.
  • Business Interruption Coverage: Has your revenue increased? This vital component, often bundled with property insurance, must reflect your current profitability to adequately cover lost income following a covered peril.
3. Workers’ Compensation Insurance

If your employee count changed, or if roles shifted to include higher-risk duties, your Workers’ Comp insurance classifications and premium will need an adjustment. Failing to accurately report payroll and job functions can lead to penalties or claims issues down the line.

4. Professional Liability (E&O) and Cyber Insurance

For service-based businesses (consultants, IT, marketing agencies), Professional Liability Insurance (Errors & Omissions) is crucial. If you begin offering new, higher-risk services (e.g., handling client data, providing complex advice), re-evaluate your limits.

Furthermore, with cyber threats rising, all small business owners should review their Cyber Liability Insurance to confirm it covers data breaches, regulatory fines, and business interruption from a cyber-attack.

Your Action Plan for a January Insurance Review

Don’t wait until a claim occurs to discover a coverage shortfall. Follow these steps to optimize your commercial insurance in the new year:

  • Document All Changes: Create a detailed list of new hires, large asset purchases, revenue changes, and any new services/products from the past 12 months.
  • Contact Your Broker: Schedule a dedicated review with your small business insurance agent or broker to discuss the documented changes.
  • Compare Quotes: The market is always changing. Use the new year as a trigger to quickly compare business insurance quotes to confirm you are getting competitive rates for the required coverage.
  • Confirm Deductibles: Verify that your current deductibles are financially manageable for your business.

Protecting your assets with the right coverage is a foundational element of a strong business plan. Start the year right by securing comprehensive small business protection.

ADA Website Compliance: What Florida Business Owners Need to Know

Posted on by McGriff Williams in Business Insurance, Human Resources, Insurance |

As insurance advisors, we want to make you aware of an emerging legal trend that’s affecting businesses across the state of Florida: lawsuits alleging that business websites fail to comply with the Americans with Disabilities Act (ADA).

Over the past year, Florida businesses—particularly in North Florida—have been hit with a wave of federal lawsuits claiming their websites aren’t accessible to individuals with visual impairments. These lawsuits often cite technical issues like:

  • Images lacking proper descriptive text for screen readers
  • Improper tab navigation order
  • Phone numbers listed as plain text rather than clickable links
  • Links that open new tabs without announcing the transition
  • Missing descriptive labels on form elements

What’s particularly concerning is that businesses are being sued without warning or the opportunity to fix their website. Many business owners discover they have a problem only once they’re served with a lawsuit.

Most business owners assume their General Liability or Business Owner’s Policy will cover these lawsuits. Unfortunately, standard commercial insurance policies do NOT typically provide coverage for ADA website compliance claims.

Some EPLI policies provide coverage for “Third Party” discrimination claims, which can include disability discrimination under the ADA. However, there are important limitations:

What EPLI May Cover:

  • Legal defense costs (often the most significant expense)
  • Settlement amounts or judgments for monetary damages

What EPLI Typically Does NOT Cover:

  • Costs to actually fix your website accommodations and make it ADA compliant
  • Injunctive relief expenses
  • Punitive damages (which are generally uninsurable under Florida law)

Important Considerations:

  • EPLI policies often have higher deductibles/retentions (commonly $15,000-$25,000)
  • Defense costs may erode your policy limits rather than being provided in addition to limits
  • Coverage is subject to policy terms, conditions, and exclusions
  • Some claims may be settled for less than your deductible, meaning you’d pay out of pocket anyway

So what now? Some practical steps to protect your business are:

1. Make Your Website ADA Compliant NOW

2. Review Your Insurance Coverage

3. Document Your Compliance Efforts

4. Don’t Ignore the Issue

Not always will a plugin fix ADA compliance issues. There’s a chance your site will need to be rebuilt if ADA requirements weren’t considered from the start. One tool you can try is this scan: https://adascan.dev to get a better idea of where your site is currently.

If you have questions about your coverage or want to discuss your specific situation, please don’t hesitate to reach out. We’re committed to helping you protect your business and navigate these complex insurance issues.

Is Insurance Enough? continued… The value of HR Support

Posted on by McGriff Williams in Business Insurance, McGriff-Williams News |

Recently, we introduced the idea that a good insurance policy may not be fully sufficient if youre striving for true, overall risk management of your business. If you missed that message, you can catch up here.

There are lots of approaches you can take, in a non-insurance way, to gain confidence in your companys long-term stability. The first one well dig into is HR Support.

HR Support can be defined as any of the following:

  • Onboarding and Termination
  • Job Description Builder/Postings
  • Employee Retention
  • Benefits Management
  • Employee Leave and Time Off
  • Compensation and Bonus Structures
  • Employee Handbooks
  • State and Federal Regulations
  • Safety and Health in the Workplace
  • Tax Filing, Credits, Compliance, etc
  • Retirement Planning and Exit Strategies

There are resources, such as the program we use for our partners and clients, called Mineral (formerly Think HR) that provide countless tools for topics such as these. If you aren’t currently putting effort into these assessments… That have nothing to do with your insurance coverage You may be at a higher risk than you realize. And keeping a good team smoothly operating is too valuable to chance that.

Were happy to help guide you through some of these things when you’re ready. And don’t miss our next deep dive in the Is Insurance Enough? A Riveting Series: Part 3 where well talk about ERISA Compliance.

Is an insurance policy enough?

Posted on by McGriff Williams in Business Insurance |

We can probably all agree that it’s the responsibility of the business owner, decision maker, HR or Office Manager to be sure the business is protected in the best way possible. Protected in the form of locking the doors and setting the alarm at night, but also protected in the form of knowing that everything will be okay in the event of an unexpected disaster.

Some may argue that you can only prepare so much but having confidence in the state of the company and reassurance that you did everything you could to sustain even a major curveball you can’t put a price on that. But is having a good insurance policy enough? Sure, it would help with damages to your building. Or to your company truck. Or if there’s a break-in, a fire, water damage Insurance is hugely helpful in lots of ways. If an employee gets hurt, if they make a mistake on a jobsite, if someone steals from you We could be here all day with those examples.

But even if you understand the value of insurance, max out your coverage, and are the most adequately insured business owner in the county Is it enough to truly protect you and keep the company running successfully? Here are a few other things to consider if you’re searching for that confidence that you’ve really done all you can to fulfill your responsibility of fully protecting what you work so hard for.

  • HR Support
  • ERISA Compliance
  • Safety Plan Management
  • Employee Retention
  • Cybersecurity/ADA Compliance
  • Safe/Distracted/Defensive Driver Trainings
  • Fleet Maintenance Program

Stay tuned for more to come as we dive into each of these categories and share ways you can implement more of this in to your company culture.

Fostering a long-term culture of safety in construction

Posted on by McGriff Williams in Business Insurance |
One of the main concerns in the construction world that remains rather consistent over time is SAFETY. As it should be, this is a very high priority for leaders in the construction industry. The daily implementation of a safety program is a great first step but the big picture goal really should be a whole CULTURE of safety.
This means that all employees are in agreement and held responsible for their own safety and health, as well as the safety and health of every other worker in the organization. This is a prime example of the we are only as strong as our weakest link mentality.
Every organization needs some sort of a program in place to prevent injuries and illnesses in the office and on job sites. Even complete compliance with OSHA’s guidelines will not eliminate all injuries and illnesses from the workplace because the workplace is filled with humans and humans make mistakes.

However, enforcing things such as physical safeguards, training, and proper maintenance followed up on by effective management will help ensure the safety and health of the team.

The following are also a result of a good safety and health program:

  • Workers’ compensation costs may be lowered
  • Employee morale and work efficiency may be improved
  • Operating costs will be lowered
  • Profit margins will be higher

Accidents are expensive. They add to workers’ compensation and medical costs, they make the organization have to repair or replace equipment, they slow production, and they may require the organization to hire and train new workers. These are just the material costs and inefficiencies. The pain and suffering that accidents cause employees and their families can be even more damaging and last much longer.

Interested in some tips on what leadership can do vs what employees can do to get ahead of and maintain this culture of safety? Reach out to us here for some safety program checklists, sample policy statements outlining the program in place, etc.

Regular review of the safety and health program is essential to achieving a safe and healthful workplace. As we’ve learned over the past year’s pandemic, things can change rather quickly. Therefore, effective and successful programs must continuously improve to keep up with the changing nature of the organization and industry. This also ensures that there’s a real commitment to the safety and health of the entire team working beyond just a temporary program but towards that overall, long-term culture.