Business Owner

Reducing Risk for Your Small Business

Only a business owner fully understands the commitment and investment that goes into building a business. Having the right insurance coverage helps protect the investment of time, money – and dreams – that you’ve made.

You’ve probably already thought of some of the risks and may even have a business insurance policy that covers your business property and some business-related liability – but there may still be some risks that should be addressed.

Business interruption insurance

You’ve purchased business property insurance, so your building and business inventory are covered if disaster strikes. However, covered claims also often lead to a loss of revenue. Chances are good that your business will have to shut down temporarily while repairs are made. In the interim, the bills still need to be paid and payroll is an ongoing expense. Business interruption insurance can help fill the gap by covering many of your ongoing expenses so there’s still a healthy business to come back to once the claimed damage is repaired.

Cyber liability insurance

It’s hard to imagine a business that doesn’t have exposure to cyber liability. The risks can come from a number of sources, from the theft of customer information or credit card information to a virus inadvertently sent to another company by email. Cyber liability insurance helps mitigate the risk and cover the cost of notification as well as liability associated with a breach.

Professional liability insurance

If you’re in the business of giving advice, you’ll want to ask your broker about professional liability insurance. This essential coverage protects your business if your actions (or inactions) cause a financial loss to a client or customer.

Equipment breakdown insurance

Many businesses have a few key pieces of equipment that are essential to workflow. If that equipment fails, the whole business grinds to a halt. Equipment breakdown insurance can help you reduce the risk associated with equipment failure and ensure that you can get the repair completed quickly and keep your business moving forward.
Whether you’re starting a business or already have one, schedule some time to speak with your broker. Today’s insurance products can be customized to meet the needs of your business, giving you the coverage you need without paying for the extras you don’t need.




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