Protecting Your Small Business During Busy Seasons
Summer is a peak season for many Canadian small businesses, bringing increased customer traffic, outdoor events, and extended hours. But this bustling period also introduces heightened risks. As businesses ramp up inventory and public spaces reopen during the warmer months, certain crimes, including theft and fraud, tend to increase. Amid ongoing supply chain issues, your supply chain and vendor risk also increase during busy seasons.
With fewer resources than bigger companies, itβs no surprise that 73% of Canadian small businesses have experienced a cyberattack in the past year, including phishing, malware, and ransomware. In fact, small businesses get 350% more social engineering attacks than larger ones. And for businesses that rely on seasonal workers, added liability exposures can sneak in unnoticed. Now is a good time to understand and address your exposures and review your commercial insurance policy with your broker to ensure youβre adequately protected
When Business Heats Up, So Do The Risks
Personal Liability Insurance The summer season often brings a surge in customers, increased cash flow, and expanded inventory, all of which can attract opportunistic criminals.
β’ Physical Theft: With more foot traffic and outdoor operations, businesses may experience higher instances of shoplifting or break-ins.
β’ Cyber Threats: Cybercriminals exploit the busy season, targeting businesses with phishing emails, fraudulent transactions, and ransomware attacks.
β’ Staffing Challenges: Seasonal hires may lack comprehensive training, leading to potential mishandling of sensitive information or customer interactions, increasing liability risks.
β’ Severe Weather Disruptions: Heatwaves, wildfires, and summer storms are becoming more frequent and intense in many parts of Canada. These events can lead to power outages, evacuation orders, or property damage, directly affecting your ability to operate. If your business is located in a wildfire-prone area or heavily relies on climate-sensitive infrastructure, the risk of disruption is real and rising.
β’ Increased Risk of Slips, Trips, and Falls: Wet floors from sudden rainstorms, cluttered pop-up displays, extension cords for fans or outdoor setups, and uneven outdoor surfaces all raise the risk of customer or employee injuries. These incidents are a leading cause of liability claims for small businesses.
Supply Chain Slowdowns and Staffing Gaps
In addition to geopolitical impacts, summer holidays and increased demand can strain supply chains, leading to delayed deliveries and inventory shortages. Additionally, employee vacations may result in staffing gaps, affecting customer service and operational efficiency. These disruptions can impact your bottom line and customer satisfaction. Ensuring your contingency plans and appropriate business insurance coverage can mitigate these risks.
7 Smart Steps to Reduce Summer Business Risk
1. Enhance Physical Security - Install surveillance cameras, alarm systems, and secure locks. Ensure all entry points are well-lit and monitored. 2. Implement Cybersecurity Measures - Use strong passwords, enable multi-factor authentication, and educate staff about recognizing phishing attempts. 3. Train Seasonal Staff - Provide comprehensive training on company policies, customer service standards, and emergency procedures. 4. Review Insurance Coverage - Consult with your broker to ensure your policies cover increased inventory, additional staff, cyber threats, and weather-related damages like smoke, fire, or flood. 5. Develop Contingency Plans - Prepare for supply chain disruptions and staffing shortages by identifying backup suppliers and cross-training employees. 6. Prepare for Severe Weather - Monitor local weather alerts, have a business continuity plan in place, and review emergency procedures with staff. Ensure key records are backed up and property is protected from wildfire smoke, extreme heat, or storm damage. 7. Reduce Physical Hazards Like Slips, Trips, and Falls - Keep walkways clear and dry, especially during rainy days or outdoor events. Use non-slip mats, secure extension cords, and inspect patios, entryways, and temporary setups for uneven surfaces or tripping hazards.
Talk to your business insurance broker in Alberta today to get a plan that is tailored to keep you protected from all sides. If youβre not sure how to get started with business insurance, weβre here to help. Contact us today.
