Holiday shopping, winter weather, and other seasonal factors can really shake things up for small businesses for a good part of the year. Figuring out how these changes could affect your business and what steps you should take to protect yourself from potential hiccups might be what separates a great end-of-year from a not-so-great one.
I chatted with Rachel Kallmyer, an industry expert at Travelers, about how to keep your business running smoothly during this busy time of year.
When winter rolls around, small business owners face a unique set of challenges. During the holiday season, there’s a chance to grow your customer base and boost revenues, but it also comes with extra risks. There are four main areas to consider when preparing for this time of year: worker safety, sales, weather, and operations. Understanding the risks and taking steps to minimize them, like talking to a trusted insurance advisor, can help keep your business on track during this hectic period.
For worker safety, the holiday shopping season can be the busiest time for many businesses. It’s not just retail—restaurants, salons, and even professional offices can see a spike in customer traffic. Ensuring all employees are well-trained, especially if you’re bringing in temporary staff, is crucial. According to the 2024 Travelers Injury Impact Report, a significant percentage of workers’ compensation claims in retail involve first-year employees, highlighting the importance of proper training.
As for handling the potential sales boom, more shopping often means more inventory and a higher risk of cyber threats. Cybersecurity isn’t just for the big players; any business that handles customer data or processes payments needs to be on guard. Multi-factor authentication, regular data backups, and a solid incident response plan are good starting points. Also, make sure your insurance covers increased inventory and includes any additional storage locations.
Winter’s unpredictable weather can lead to increased risks too. Keep an eye on the forecast and have plans in place for dealing with snow and ice. Areas like parking lots, walkways, and loading zones are vulnerable and should be part of your snow and ice management plan. If severe weather is coming, decide early if you’ll close or reschedule; ensure your property and stock are safe from the cold.
During the winter, businesses might host events, change up their decor, or even take a break. Each change brings its own risks, so if you’re hosting events, ensure you’re protected, especially if it involves serving alcohol or hiring outside vendors. Decorations can pose fire risks, so keep them safe and sensible. If you’re taking time off, make sure your business is secured and have a plan to check in.
Despite all precautions, sometimes things go wrong. If an issue arises, don’t delay in filing an insurance claim. Contact your agent promptly and document everything thoroughly to resolve matters with minimal disruption during this busy time.
