Opening or expanding your small business is an exciting time, but you should also be thinking about the disasters that can affect you as a business owner.
Each business faces unique risks. Working with a TrustedChoice® independent insurance agent can provide your business with not only the protection it needs, but also the level of confidence every business owner should have in a worst case-scenario. When evaluating your insurance needs, you may forget to think about certain exposures, or you might not even know they exist to begin with. It may also be possible that you assume certain liabilities are covered under standard policies, when they may not.
According to TrustedChoice® independent insurance agents, these are some of the most common issues business owners face when it comes to protecting their businesses:
Property Damage: Once you find the ideal location for your new business, ask an inspector to examine, electrical, structural, and exterior elements of your new building. Beyond this, your insurance policy will reflect protections against damage from fire, storms and other accidents.
Liability: If you sell products or offer professional services, you may be aware of product or malpractice liability when it comes to insurance. While most business owners would not purposely sabotage their business or reputation, mistakes happen; it’s always better to be safe than sorry.
Fraud & Cyber Crime: It is more common now than ever to do business over the internet. Email, e-commerce and electronic databases are integral pieces of most business practices. You may be careful and trustworthy with your customer’s personal information, but in some cases, employees, contractors and your customers themselves may not be as cautious.
Sharing Business Details: During our evaluation we may ask you questions like “How do you serve your customers?” and “Tell me about the security of your data and intellectual property.” Don’t be alarmed; in order for us to offer you the best insurance policy, we need to the inner workings of your business.
Preparing for the Worst: When it comes to disasters, be prepared for the worst; create an emergency kit for your business location. Key ingredients are water, batteries, flashlights, a fire distinguisher, non-perishable food, a whistle and first-aid items.