If you own a small business, you probably want to do everything in your power to ensure your company’s protection against the unknown. But how do you know which risks pose a real threat? Here are three common ones to consider.
Risk #1: Property Damage
Property damage is one of the most common risks that small businesses face. Can you imagine having to pay to replace everything your business needs to run smoothly? Weather events, fire, flood, and other similar scenarios can wreak serious havoc on your enterprise and make general operations tough. Vandalism and theft are sadly also incidents that cost companies thousands of dollars in replacement or repair costs each year.
Risk #2: Liability Claims
Liability claims are another common small business risk. These claims happen very unexpectedly and are usually due to an injury of a third-party, libel, slander, or some other similar incident. In some cases, a liability claim can even lead to a costly lawsuit.
Risk #3: Worker Injuries
If you have any employees, the chance of a worker becoming injured while on the job is a serious risk. While you can try to create a work environment that fosters safe practices, sometimes accidents still occur. Whether it is something as minor as back strain or as serious as a life-threatening condition, workplace injuries are a matter that all small business owners need to be prepared for.
The easiest way to protect your firm against these three mentioned risks is by having an appropriate level of insurance coverage. Talk with your agent and determine which policies and risks affect your business the most. Then, put together a plan to mitigate the chance of a loss.
Find out how you can protect your small business. Contact us at 1st American Insurance Agency today for a no-obligation policy quote.