Reducing Risk for Your Small Business
Only a business owner fully understands the commitment and investment 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 exposures. Here are some ways you help you in reducing risk.
You’ve purchased business property insurance, so your building and business inventory are covered if disaster strikes. However, covering claims also often leads to a loss of revenue. The chances are good that your business will have to shut down temporarily while undergoing repairs. The bills still need to be paid in the interim, and payroll is an ongoing expense. Business interruption insurance can help fill the gap by covering many of your ongoing costs, so there’s still a healthy business to come back to once repairs for damages are complete.
It’s hard to imagine a business that doesn’t have exposure to cyber liability. The risks can come from several 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 and the liability associated with a breach.
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.
Many businesses have a few critical pieces of equipment essential to workflow. If that equipment fails, the whole business grinds to a halt. Equipment breakdown insurance can help you reduce the risk of equipment failure, ensure that you can get the repair done 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. Let our advisors help you customize your insurance to meet the needs of your business, giving you the coverage you need without paying for the extras you don’t need.