Owning your own business brings with it a great sense of accomplishment and pride. It also brings with it certain risks as well. As a small business owner, it is important that you be aware of the risks you may face. At Compass Insurance serving Centennial, CO and the surrounding areas, we want to provide our clients with solid risk information so that they can make confident insurance choices. Keep reading to learn about the top 3 risks faced by small business owners.
Liability is one of the top risks you will face as a business owner. Your company can be held liable for injuries that result on your property or as a result of using your goods and services. You can also be held liable for any damage or injury an employee may cause to a customer, their home, or their possessions. Facing a liability claim without the proper insurance could leave your company financially vulnerable. It is recommended that business owners carry sufficient liability insurance for this reason.
Another risk that business owners face is a shutdown. A shut down on your business could be the result of your place of business being damaged somehow, or from a threat posed against your place of business. Threats can include health threats, security threats, and weather threats. Any time your business must shut down, you lose money. You can protect against this with certain types of commercial insurance coverage.
Another huge threat for business owners is the risk of property damage. If there is damage to your place of business because of fire, natural disaster, or burglary, the expense of repairs will come out of pocket unless you are properly insured.
If you would like to learn about commercial insurance or any of our other insurance services, please contact us at Compass Insurance, serving Centennial, CO and the surrounding areas.