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If you own a small business, one of the key components to success is by making sure you are prepared for the unexpected. Here are three insurance risks that every small business owner needs to know.
Risk #1: Liability Claims
Liability claims encompass more than just slip-and-fall cases or instances where a customer is injured while visiting your business location. These types of incidents can include situations where your employees accidentally damage someone else’s property, someone becomes ill from a product you created, or something entirely different. The key to understanding liability risk for your business begins with knowing that anything that injures a person or thing physically, emotionally, or financially could be constituted as a claim. With such a wide variety of different scenarios, it is important to make sure your business has adequate coverage for the industry you are in.
Risk #2: Damage to Property
Another insurance risk to be aware of is damage to property. We all know that storms, fire, theft, and vandalism can happen at any time. But if your small business were to have to replace all the tools and equipment necessary for everyday operations, would it be able to afford to do so? Preparing for the unexpected in this case means making sure your insurance policy covers as many critical items as possible.
Risk #3: Employee Injuries
From the moment you hire your first employee, you encounter the chance of an on-the-job injury. In our state, worker’s compensation insurance is required for all employers. But making sure you have this important coverage is only one small portion of managing this risk. Constantly remind staff about workplace safety procedures and have a strict guidance policy in place.
Find out more information about how a commercial insurance policy can help your business. Please contact our team at Mid Atlantic Insurance Financial today for further details.