Small Businesses Should Review Their Insurance Ahead of Black Friday

2022-11-16 20:00:00 - Walnut Creek, California, United States - (PR Distribution™)


  • Holiday spending in 2022 is expected to top $942.6 billion despite concerns of a recession, creating an opportunity for small businesses.

  • Small businesses may face increased or new risks during this period if they are holding increased stock, hiring seasonal workers, or selling their goods in different ways.

  • Insurance expert Pavel Yurkov recommends that small business owners review their small business policies to help ensure they are adequately covered.

Retail sales over the 2022 holiday season are expected to top a record $942.6 billion despite recession concerns, according to forecasts from the National Retail Federation.

While many small businesses may capitalize on this anticipated shopping spree, some might be opening themselves up to unforeseen risks at the same time.

“The Christmas season is one of the busiest times of the year for many small businesses—but it often creates new challenges,” says Pavel Yurkov, small business insurance expert and VP of Technology and Operations at online service BizInsure.

“Small businesses may need to rethink their risk exposures and review their insurance options ahead of the holiday rush.”

Big opportunities for small businesses

Boosted by the Covid-19 pandemic, online shopping remains the preferred shopping method for consumers. However, a return to a more traditional holiday shopping experience is also expected.

A survey conducted in June 2022 revealed that, despite inflation, 55% of respondents expected to spend the same or more than they did last year during the holidays.

Small businesses are expected to be a big part of this planned holiday spending. Last year, 51 million Americans shopped in-store, and 56.4 million shopped online during Small Business Saturday, the day after Black Friday.

This increased spending, along with a continued interest in unique and bespoke gifts, could benefit both online and brick-and-mortar small businesses from Black Friday to New Year’s Day.

Insurance considerations

Holiday shopping may drive small business sales, but it might also expose them to new or increased risks.

Over 450,000 seasonal workers are expected to be hired this holiday period. For many small businesses, hiring temporary staff may warrant increasing their Workers’ Compensation coverage or putting a new policy in place.

Small businesses may take a similar approach when dealing with increased amounts of stock and consider upping the coverage on their Business Owner’s Policy.

Finally, businesses that are typically online-only might sell their goods in person at holiday fairs or farmer’s markets in the lead up to Christmas. This may increase the risk of third-party property damage or injury claims for those businesses.

“The holiday season is rarely a ‘business as usual’ period,” says Mr. Yurkov. “Small business owners may need to think about what’s changing for their operations during this time and review their existing coverage to see if it meets those needs.”

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers. 

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