Owning a small business is a great way to pursue your dreams and really fulfill your business goals. However, running your own firm often comes with challenges that large corporations don’t have to face. Here are three tips for addressing your company’s risk and protecting yourself with proper insurance coverage.
Tip #1: Protect Against Property Loss and Damage
Protecting your business against property loss and damage is an incredibly important facet of risk to consider. Fires, vandalism, and theft can all leave your company in a state where operating isn’t possible and you don’t have the funds to replace damaged equipment. Instead, think ahead by having business property coverage in place well in advance of an incident. Similar to homeowner’s and auto insurance, this type of policy helps your rebuild or replace important items in the event of a claim—enabling you to get back to business as soon as possible after the unthinkable happens.
Tip #2: Be Prepared for Injuries & Liability
When looking at the risks small business owners face, it is also important to remember injuries and liability. Anytime you have a worker or client on the premises, you run the chance of someone being injured. In some cases, a twisted ankle by a clumsy customer can turn into a minor liability claim. In other instances, a major accident can cause a medical emergency and harm to a loyal employee, ultimately ending up in a lawsuit.
Protect your company by having appropriate insurance coverage ahead of time. Worker’s compensation is required in most states and helps compensate your employees for medical bills after an on-the-job incident has occurred. Liability insurance helps pay for any claims associated with both on-site and off-site injuries or property damage due to your company’s negligence during the course of normal business. Both are important policies to carry if you have a small business.
Tip #3: Consider Business Interruption Coverage
Another important risk to address is business interruption. What would you do if your company was unable to operate on a temporary basis due to a claim? Would you be able to financially keep your company afloat while everything worked itself out?
Business interruption coverage helps ensure you receive the income you need while repairs are being made or other situations are happening that keep you from serving clients. This type of policy comes in a wide variety of different levels depending on your exact needs.
Learn more about protecting your business against these risks. Please contact our team at Compass Insurance today for more information or a no-obligation quote.