peak season insurance
Property Casualty

Ever Heard of Peak Season Insurance? You May Just Need It!

Blythe Buffington
Blythe Buffington
Placement Account Manager

Why is autumn one of the best loved seasons? Is it the return of everything pumpkin, from lattes to candles? Is it hoodies and football games or backyard fires and smores? In the Midwest, autumn is nature’s final grandeur before the cold snow and freezing temperatures set in. Where hibernation is forced, and we long for the day the groundhog doesn’t see his shadow.

We also find ourselves right in the middle of the final quarter of the year. The juggling of winning over new client opportunities before the year’s end and presenting those final 1/1 renewal premiums to our existing clients, all while arranging our upcoming Thanksgiving dinner plans. Most of us look forward to a 4-day weekend, filled with family and friends and let’s not forget the Black Friday and Small Business Saturday specials.

As a businessowner, seasons can greatly impact your business and profitability. For instance, toy manufacturers ramp up production going into the 4th quarter of the year to provide the supply for holiday demands. It’s important to review your coverage needs during this busy business time. Tracking inventory each month can help illustrate inventory highs, lows, and averages, based on the time of year. If your inventory variation directly relates to a specific season, speaking with your insurance agent about peak season coverage is wise.

Peak season coverage provides an increased Business Personal Property limit due to seasonal impact. If you have predictable inventory increases, the additional limit of insurance should be attained easily. Along with the limit, dates will be needed to specify the period-of-time the increased limit will be necessary. Adding extra time on both ends of the period will allow for any extenuating circumstances. In our example of the toy manufacturer, they may find that peak season runs from 9/1 to 12/15, with an additional limit of insurance that is 25 percent more than their commencing personal property limit. It’s also important to note that some businesses may have multiple times throughout the year that a higher limit is necessary. For that reason, multiple peak periods can be added to the policy, with additional limits of insurance being specific to each period.

So, before you sit down to enjoy your Thanksgiving feast with friends and family, make sure you check your peak season insurance coverage. It may be the only peace of mind you get after the Black Friday frenzy begins.

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