Protect Your Small Business Against These Risks

You work hard to ensure your small business is thriving. But are you really addressing all of the possible (and costly) problems that can happen? Here are a few risk to protect your business against.

Liability Issues

One of the biggest risks that small businesses face is liability issues. Depending on what your industry entails, this chance of this risk can vary wildly. Those who have a single retail location may only run the risk of having a customer slip or fall while on the premises. A contracting company might face the chance of damaging property at a client’s home or causing an accidental injury.

Liability risk is incredibly hard to gage because there are an infinite amount of scenarios your company can encounter during the normal course of business. Thus, it is important to have a solid insurance policy that covers you for a wide variety of liability incidents.

Worker Injuries

Worker injuries are another risk that small business owners face. Accidents can happen at any time, so it is important to be prepared ahead of time by maintaining safe conditions for all of your staff members. In addition, if you have employees, it is most likely a requirement in your industry for you to have worker’s compensation insurance. This type of policy usually helps cover any medical bills associated with an on-the-job injury, plus compensation for time off work to heal.

Property Loss

You take great care to ensure your home and automobile have the proper level of insurance coverage in case of an unfortunate in incident. However, does your business have the same protection against property damage? Fire, theft, vandalism, and other unexpected events can still occur in a commercial setting. Your business building can become damaged or individual equipment pieces may need replacement after a claim situation, costing you tons of money if you do not have a policy in force. Property damage coverage is usually inexpensive enough for most small businesses and can really make a difference if something ever happens.

Of course, there are many more risks that small businesses face on a regular bases. Learn more about your company’s exact risk level and the type of policy you need for protection. Please contact our team at The Select Insurance Agency today for more information.