Top Business Insurance Risks
According to insurance experts, here are the top five business risks:
The Allianz Risk Barometer surveyed more than 500 risk managers and corporate insurance experts in 47 countries, to identify the primary challenges facing businesses this year.1
While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2015.
- Natural Disasters – These issues are always a concern for small and medium business. We can offer flood, earthquake and wind insurance as your needs arise.
- Cyber Liability– Cyber liability and data theft is one of the hottest topics for businesses, risk managers and insurance companies. 2014 had some of the biggest data thefts that we have seen. But even more interesting, is that small businesses are exposed more than large businesses. In fact, 25% of data breaches affect businesses with less than 50 employees. A small business has a greater chance of having a cyber breach than it does of having a fire.
- Government mandates and regulations – There continues to be increased oversight from government in healthcare and financial reporting that creates new risk and liability for businesses.
- Political and Civil Issues – As seen in 2017, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
- Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.
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.