As a small business owner, your financial obligations are numerous – far beyond the merchandise you sell or services you offer. Your ongoing concerns include how to best protect your establishment and employees – as well as your customers – from various injuries and incidents.
You are probably bombarded with cautionary tales and premium information from your local insurance brokers on these very topics. So, what are the most important things you need to protect?
According to a recent study by The Hartford, which analyzed small business claims from more than 1 million property and liability policies over a five-year period, some of the more costly claims may not be the most common, so look at what you have closely.
Of course, you will always carry coverage for property and liability. But here are several areas small business owners should think through when thinking insurance:
Theft – the other type: Before hiring an employee, make sure to perform a thorough background check. So many thefts are of the inside variety. Unless you personally know the candidate, be sure to request at least three references from former employers or community colleagues.
Security – two types: Computer hacking is on the rise; explore coverage for your electronic systems. Physically, protect your business by ensuring the location is well lit, well kept, and well secured.
Customer injury and damage: Slips, trips, and falls. Be absolutely certain your insurance policy covers you should a customer fall and should something fall off your shelves and onto a customer.
A well-run, well-covered small business is a sound business. Let us help you with your small business refinancing needs. Contact Biz2Credit today at (800) 200-5678. You can “chat” with us online as well at https://www.biz2credit.com.