A Business Insurance Update
Your business insurance can respond to many kinds of risks and losses. Protecting your business from loss can mean the difference between having a great year, and having to close your doors. According to the Insurance Information Institute, 30% of businesses that have a fire never re-open. Therefore, it pays to have the right business insurance and to manage your tops risks. However, do you know the most common risks faced by most businesses?
- Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire. Make sure you have a cyber liability insurance policy. Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.
- Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.
- Flood – Your business insurance excludes flood damage. If you are close to water, make sure you consider flood insurance.
- Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.
- Theft – Develop a system for end of day closure procedures. Keep a light on at night. Burglars are less inclined to break in if they think someone is there.