The only constant to COVID has been change. Nearly a year into our new reality, I continue to be amazed by the resilience our clients and members show in adapting their business to meet the challenges of life in a global pandemic. Adding delivery, moving sales online, and changing service offerings have all been fantastic ways to adapt. What is sometimes forgotten is the impact these changes can have on your insurance.

Making changes to your business model in these and similar ways can be considered a “material change” to your risk profile, and it may necessitate modifying your insurance program. In a worst-case scenario, failing to notify your insurer about changes to your operations can void your coverage altogether. A common misconception is that insurance policies can only be modified upon renewal, which is not true. Policies can and should be amended as the needs and operations of a business change. 

With all the challenges that come with conducting business in a pandemic, insurance may not always be top of mind. Taking a few minutes to consult with your broker to review your adaptation strategy will be well worth your time. Adopting a pro-active approach and keeping lines of communication with your broker open is your best way to ensure that your insurance and your business are working in lock step. 

As risk management specialists, we can help you build and maintain an insurance program to protect your business – and work with you continuously to adjust that program as needed. We’re happy to offer our expertise in helping you navigate the challenges of maintaining your peace-of-mind and insurability. And just as our members and clients have, we too have adapted our business model to continue our service during COVID. We’re able to have all of these conversations over the phone, by email or by video—to meet you where you are, and get you where you need to be.

While we all wait for these unprecedented and uncertain times to clear up, we’ll be here for you to help you adapt, grow and thrive.