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Top 3 Business Insurance Risks

Top 3 Business Insurance Risks

Business insurance can be difficult to justify in the budget and it is important to understand what the risks that business insurance will cover.  Understanding what business insurance will cover may help you find the extra money that you will need to cover the cost of the insurance. Make sure that you understand the insurance risks that are presented with your business so you know what is going to be covered.

The three top business insurance risks are…

  1. Slips and Falls – At any point in time when your employees are interacting with customers in a public setting, you will be at risk for slips and/or falls. Slips and/or falls can be very expensive and you want to be sure that you have an insurance policy that is going to help you pay for any type of expense related to a fall.
  2. Theft Prevention – If you own a small business, you have to understand that you are going to be very vulnerable when it comes to theft. If your equipment is stolen, you may not have the funds to replace the equipment that you need to run your company or provide the right services. Finding a business insurance policy that will cover these replacement expenses is important.
  3. Data Security – If you are keeping any credit card information or even if you are keeping the names, birth dates and Social Security numbers of your employees, you want to make sure that all of this information is safe and secure. If it should be stolen, your policy should cover the related damages.

Business insurance may be a cost that ends up saving your company from financial ruin. It is worth thinking about and considering.