5 Insurance Policies to Protect Your Business Against Halloween Tricks
There are five insurance policies that every business needs, especially during the Halloween season. Keep reading and discover the must-have coverages to be protected from October’s insurance horrors.
You know the feeling you get when you are watching a scary movie and you know something bad is about to happen? Your pulse increases, hands get clammy, and you prepare yourself for that big AHHH! moment. While the feeling of anticipating fear is fun on chilly October nights, while ghouls and ghosts are out on the prowl, this is not something you want to feel the next day at work when you are checking your insurance compliance.
During the Halloween season fires, theft, and vandalism are scary insurance claims that have haunted business owners. Fortunately, most policies will cover these common losses.
We are going to outline insurance policies businesses need, so your scariest moments this Halloween will not be insurance-related.
1. Commercial Crime Insurance
Businesses tend to see an uptick in theft, skimming funds, and embezzlement crimes during this time of the year. According to the New York Police Department (NYPD), 1,413 crimes were reported on October 31st of last year. This is a 14% increase over crimes reported in 2019.
Commercial Crime Insurance will protect your business from these Halloween tricks. You can rest assured knowing that you have protection in place for your organization if any Vampires or Zombies are able to break in and steal from you. With Commercial Crime coverage, you will receive payment for stolen inventory, money, or damages to your property. Don’t forget to make sure your Commercial Crime Insurance policy stays up-to-date.
2. Cyber Liability Insurance
Technologically savvy Halloween tricksters may find a fun prank out of stealing your data. Cyberattacks are one of the fastest-growing threats faced by organizations today, so it is important to have Cyber Liability Insurance coverage year-round.
Apart from the legal fees and expenses you will face after a cyber-attack, Cyber Liability Insurance coverage will also pay for:
- Notifying customers of the breach.
- Restoring the personal information of customers.
- Recovering compromised data.
- Repairing lasting damage to computer systems and networks.
3. Property Insurance
As an owner, you are probably far too familiar with Halloween vandalism. To protect your business against little monsters and villains running around on Halloween night looking to cause harm, make sure you have a Commercial Property Insurance policy in place.
Commercial Property Insurance protection will also help you repay damages in the case of a fire. Fires are one of the most common accidents during this time of the year and decorations like candles and lights present risks that have the potential to become truly scary.
4. Business Interruption Insurance
So, what happens if a Halloween trick goes too far and you have to close your store down for repairs? Business Interruption Insurance is necessary for any time your business will lose time (and money!) while undergoing repairs. Should a prank lead to a broken pipe that floods your first floor your General Liability Insurance will assist in paying for the repairs, but what about all the money you are losing from being closed? Business Interruption Insurance will kick in to cover costs you incur while you are not operating and make up for any lost profits.
5. Product Liability Insurance
Product Liability Insurance is important for protecting against cases of customer injury from defective items you sold them. Let’s say your business sells a defective chair that ends up being used at a Halloween party where someone is injured after it breaks, you could be liable! Product Liability Insurance allows you to cover the cost of damages, injury, property damage, and other harm that arises from the defective inventory you sold.
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