The vast majority of small business owners work extremely hard to ensure that their enterprise is a success. However, failure to evaluate risk ahead of time can sometimes cause a costly issue down the road. Here are three common small business risks to be aware of.
#1: Property Damage
Imagine walking into your location and finding everything either destroyed by a catastrophic fire or vandalized to the point of having to temporarily shut down your company. Or consider a scenario where a large and powerful storm hits your area and causes thousands of dollars in damage. What would you do? Would your small business be able to repair and /or replace all of the items necessary for operations? Property damage can happen at virtually any time, so it is vital that you keep continuous insurance coverage to help you in the event of an unexpected incident.
#2: Interruption of Business
Interruption of business is another risk that all small business owners need to know. Sometimes accidents do happen and it becomes necessary for a company to shut its doors for a little while. Often, this temporary closure allows time for repairs or other circumstances to run their course. This is where a business interruption policy can be helpful. If your business is unable to operate due to a covered claim, you could receive reimbursement for the income lost during that period.
#3: Liability Claims
Liability claims are another risk that could happen to your small business completely out of the blue. These claims include incidents of accidental injury, libel, slander, and any other time where someone other than your employees becomes harmed in one way or another. In most cases, a basic professional liability policy will adequately protect you against costly lawsuits stemming from this type of incident. If you are in a riskier industry, there are a multitude of larger specialized policies you may also consider.
Find out more about protecting your small business against these risks and more. Please contact our team at ALLConnecticut Insurance today.