Common Small Business Risks to Watch Out For

Protect against these commercial risks.

If you run a small business, then it’s no secret that your company faces a considerable number of risks.  However, certain risks are more common than others.  This is why it’s so important to safeguard against these threats.  Here are some of the steps that you can take to protect against these commercial risks.

  • Business Interruption

If your business experiences a major damage event, then you may be forced to temporarily close your doors.  To ensure that you are not completely derailed by business interruption, you should have a recovery plan in place.  For instance, you should know how to preserve business relationships, meet contract deadlines, and maintain communication with relevant parties.  You should also make sure to secure business interruption insurance to help you keep up with operating costs (such as rent and employee paychecks) even if you do not have business revenue currently coming in.

  • Employee Injury

The best way to prevent employee injuries is by offering your staff comprehensive health and safety training and conducting frequent workplace safety inspections.  Unfortunately, even the best training programs and the strictest safety protocols cannot completely eliminate the risk of an employee accident.  This is why you need to have the right workers compensation coverage to fall back on.  This type of insurance will pay for an injured employee’s medical treatments, a portion of their lost wages, and their rehabilitation costs.

  • Liability Issues

Businesses can face a wide array of liability issues from third-party injuries on business property to libel to errors in professional work.  While employee training, workplace safety protocols, and careful oversight of professional duties can help reduce your business’s liability risks, you should also have the appropriate commercial liability coverages to fall back on.  Speak to your insurance provider to learn which liability insurance options are best suited for your business’s needs.

Here are some of the steps that you can take to protect against these commercial risks.  Ready to secure the right business insurance to keep your company safe?  If so, then contact the experts at The Reardon Agency.  We are ready to assist you with all your coverage needs today.

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