How to Safeguard Your Small Business Against Common Risks

Take steps to protect your company against common commercial risks.

As a small business owner, you know that you are subject to a considerable amount of risk.  This is why it’s important to take preventative measures and secure the right commercial coverages to ensure that your company can survive whatever comes its way.  Take these steps to protect your company against common commercial risks.

  • Property Loss

All businesses face the risk of damage to their building, supplies, inventory, equipment, and other property.  While training and safety features (such as sprinkler systems and security systems) can prevent property losses caused by fire, theft, and vandalism, there’s not much you can do to prevent the damage caused by extreme weather or natural disasters. This is why you need to secure the right commercial property insurance to ensure that you have coverage for repairs and replacements. This is why it is important to review your safety features and policies limits on a yearly basis to make sure you are covered correctly if a disaster strikes.

  • Liability Issues

Businesses can face a wide array of liability issues from third-party injuries on business property to libel to errors in professional work.  While employee training, workplace safety protocols, and careful oversight of professional duties can help reduce your business’s liability risks, you should also have the appropriate commercial liability coverages to fall back on.  Speak to your insurance provider to learn which liability insurance options are best suited for your business’s needs.

  • Employee Injury

The best way to prevent employee injuries is by offering your staff comprehensive health and safety training and conducting frequent workplace safety inspections. Unfortunately, even the best training programs and the strictest safety protocols cannot completely eliminate the risk of an employee accident.  This is why you need to have the right workers compensation coverage to rely on.  This type of insurance will pay for an injured employee’s medical treatments, a portion of their lost wages, and their rehabilitation costs. Be certain that you talk to your insurance advisor on a yearly basis about your Workers Compensation program to ensure you have the best overall program for your business.

  • Business Interruption

If your business experiences a major damage event, then you may be forced to close your doors temporarily.  To ensure that you are not completely derailed by business interruption, you should have a recovery plan in place.  For instance, you should know how to preserve business relationships, meet contract deadlines, and maintain communication with relevant parties.  You should also make sure to secure business interruption insurance to help you keep up with operating costs (such as rent and employee paychecks) even if you do not have business revenue currently coming in.

Business owners, take these steps to protect your company against common commercial risks.  Looking to secure the right commercial insurance to keep your business safe?  If so, then contact the experts at CIA Insurance and Risk Management. We are ready to assist you with all your business insurance needs today.  Taking the time to review each of these important areas can help protect your company against these common commercial risks. If you would like to learn more about CIA Insurance and Risk Management and what their advisors do for each of their clients contact them today.

Post written by Mike Rutkowski, Advisor | Commercial Risk Management (CRM)

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