We want to let you in on a “Big Secret.”

During the COVID-19 pandemic, your business has been impacted in many ways you may not realize. “Essential” and “Non-essential” alike, we are in a new frontier and scrambling to keep our livelihoods moving forward.

When looking through the lens of risk management through insurance, I see 2 major things you can do today to impact your bottom line.


First, I’ll let you in on a “big secret” you may not have been informed of. “Return Of Premium!”

While the home & auto insurance companies have been “tooting their horn” about return of premium to their clients, we haven’t heard much from the commercial insurance industry. If your business has been impacted by a mandatory shut down, call your agent and ask if you can get a “Return Of Premium.”

One major example is the hospitality industry – their general liability and liquor liability is rated off their annual sales. The business owner takes an educated guess as to what their sales will be for the year prior to starting the policy, and then pay that premium.

In the case of COVID-19, where they were forced to shut their doors for months, they likely overpaid in premium. Considering insurance companies are denying business income claims, the vast majority are offering a return on their premium, giving the customers a break on the cost of insurance since sales have been greatly impacted.

It may require a P&L, showing sales volumes prior to the shutdown, or adjusting what the sales should have been for the year, and giving a return based on the lower numbers.

Either way, if your business has been shut down due to COVID-19, call your agent today and ask what your insurance carrier is willing to do!


Second, computer hackers are seizing on the pandemic. Twitter announced all their staff are working remote and may end up working remote indefinitely.

Are you confident your remote workers are as secure as they would be in your workplace?
Hackers see this vulnerability and the amount of cyber attacks have increased significantly.

What can you do?

A first-line defense is working with a seasoned IT company. If something does get through and takes down your computer system, do you have the cash on hand to be able to weather the storm? The costs associated with ransomware, restoring data, notifying all clients by mail – even the cost to provide credit monitoring services – can quickly run into 6-Figures.

How would that cost impact your operations? A comprehensive cyber liability policy is an equitable solution to protect your bottom line!