AriealExterior-A Business and Risk Update
Businesses purchase commercial insurance to protect against the unforeseen costs related to a claim, damage, or loss. Commercial insurance provides the financial resources necessary to help your business recover from an insured loss. As your business grows, so does your risks. As societal norms change, your business risks also change. A commercial insurance and loss control review can help you determine if your current coverage limits are adequate and if you are covered for new and emerging risks and how best to manage them.

Common Emerging Risks
1. The connected workplace is allowing employees to work from remote locations. However, this can create new liabilities for businesses. Remote workplaces can create risk of cyber breaches, unverifiable workers’ compensation claims and other HR issues.
2. The use of imported products can adversely affect your organization’s risk. If you use imported products as part of your manufacturing process you have risks associated with the quality of that product and you may have a difficult time recovering your losses from a foreign business partner.
3. The shortage of skilled workers can also increase your business risk. Set up a thorough training program to ensure that all new employees have a complete understanding of their job duties and how to perform them properly.
4. Business interruption can result from many causes. Make certain you have the proper insurance to cover losses resulting from a shutdown of operations. Business interruption coverage can include payroll, extra expenses, and lost revenue.
5. Loss of brand reputation caused from social media missteps can be catastrophic for any business. Make sure you respond quickly to all concerns and have a strict and comprehensive social media policy for your business.

Armstrong Timeshare Association (ATA) has been created exclusively for timeshare resorts and HOAs and to assist timeshare resort risk managers and brokers. Our products include comprehensive insurance programs designed specifically for the Timeshare and HOAs industries and the distinct insurance profile for which, often times, basic insurance does not adequately cover. The ATA program includes a property restoration component for major losses assuring minimal downtime and loss mitigation.