Is Your Business Prepared For A Loss?
A Business Insurance Update
Your business insurance can respond to many kinds of risks and losses. Protecting your business from loss can mean the difference between having a great year, and having to close your doors. According to the Insurance Information Institute, 30% of businesses that have a fire never re-open. Therefore, it pays to have the right business insurance and to manage your tops risks. However, do you know the most common risks faced by most businesses?
Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire. Make sure you have a cyber liability insurance policy. Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.
Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.
Flood – Your business insurance excludes flood damage. If you are close to water, make sure you consider flood insurance.
Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.
Theft – Develop a system for end of day closure procedures. Keep a light on at night. Burglars are less inclined to break in if they think someone is there.
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.