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Top Insurance Companies

AIG Insurance Company Allstate Insurance Company American Family Mutual Insurance Company Farmers Insurance Company Fidelity Insurance Company Hartford Insurance Company, The ING North America Insurance Corporation MassMutual Insurance Company MetLife, Inc.

Prudential Insurance Company State Farm Insurance Company Travelers Insurance Company

caused by ground water seepage or floods; it is usually necessary to purchase specific flood cover to protect against this expo- sure.

Overlooked Risk #6: Coverages

needed by home-based business owners aren’t typically covered by homeowners’ insurance. Business owners with a home office should consider a BOP to reduce their business risk in the event of a loss.

What is a Business Continuity Plan and why should owners make use of it? What does it consist of? A Business Continuity Plan (BCP) is a set of actionable guidelines that help steer a business through the recovery process and get operations back to normal after a disaster. These plans are vital as they en- sure the business has a strategy in the event of a catastrophe such as a hurricane, extended power outages, or even a boiler bursting in the building. According to the U.S. Chamber of Commerce America’s Small Business Summit survey in 2010, nearly half (44 percent) of small businesses surveyed are currently operating without a BCP. A BCP can provide the necessary road map to


handle a crisis, but these plans aren’t as effective if owners don’t share the details with their employees. Once the plan is de- veloped, owners should walk their em- ployees through different scenarios and explain how to deal with the circumstanc- es. If a catastrophe occurs while the owner is away, she can be assured that employ- ees are operating with a written set of guidelines outlined in the BCP. Small business owners can learn more

about BCPs in several ways. They can reach out to their agents and brokers, as well as an insurance carrier, like Travel- ers, for guidance, information and tools. And organizations like the Insurance In- stitute for Business & Home Safety (IBHS) provides business owners with guidelines on information that should be considered as part of a BCP including contact lists, vital records, critical busi- ness functions, supplies and resources.

What was the reason for the survey Risk Management on Main Street? More than 500 small business owners

attended America’s Small Business Sum- mit, in Washington DC. Travelers, a cor- porate sponsor of this annual event hosted by the U.S. Chamber of Commerce, con- ducted surveys of 2010/11 conference at-


tendees to (1) understand to what extent risk management is top of mind among small business owners and (2) gauge how confident small business owners are in their ability to protect their business against insurable risks.

Besides insurance agents, who else can assist in risk management? A Travelers survey conducted at the

2011 U.S. Chamber of Commerce Ameri- ca’s Small Business Summit found that most owners rely primarily on their peers (33 percent), followed by their accountant (25 percent) and their insurance agent (17 percent) when looking for help to identify and manage business risk. Insurance agents often provide a more a holistic view on the risk management and expo- sure mitigating strategies than profession- als like accountants and lawyers who may be more focused on specific financial or legal exposures. Insurance carriers are another great

source of risk mitigation advice. For ex- ample, Travelers offers its policyholders resources including risk management guides, technical bulletins, articles and training programs, all available 24 hours a day, 365 days per year at com/riskcontrol.


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