As a small business owner, you have to juggle many tasks to stay competitive. You’re likely wearing many hats and are an expert in marketing, operations, sales – the list goes on, right? But one topic often overlooked is risk management. Balancing potential risks with mission-critical goals can mean the difference between success and failure for any small business.
At Christian-Baker Company, we’ve helped business owners for more than 80 years face risk head-on and protect themselves through different types of commercial insurance. Let’s dive into some of the top risks that all small businesses should be aware of and the appropriate insurance solutions so you can prepare and protect your company.
Property Damage
Unexpected property damage (building, contents, equipment, etc.) can happen in the blink of an eye! When the unexpected happens, it can leave your business in a compromising position. To be prepared, whether it’s a fire, theft, vandalism, auto accident, or any other unexpected event, you need to know you have insurance coverage for your business to rebuild.
While you can’t prevent every accident from occurring, you can protect your business by having the appropriate coverage in place.
Insurance Solutions
- Commercial Property Insurance
- Inland Marine (Equipment) Insurance
- Business Auto Insurance (Liability and Physical Damage)
- General Liability
Physical Injury
It’s easy to think that unless you’re working in construction or another high-risk industry, you don’t need to worry about it. But the truth is, any business – regardless of industry – carries some level of risk. If your customers, employees, or visitors are injured on your premises and you’re held liable, it could mean major expenses for your business. That’s why it’s so important to be prepared and protect yourself with general liability insurance and workers’ compensation insurance.
General liability insurance protects businesses from financial losses associated with lawsuits and claims made against them. The policy affords your company coverage for bodily injury, property damage, and personal injury at your premises or arising out of your operations.
Workers’ Compensation provides benefits to employees who have been injured or become ill as a result of performing their job duties. The insurance can cover medical expenses, lost wages, and other expenses associated with the employee’s recovery.
If your business utilizes independent contractors, keep in mind that you may be required to include them for coverage on your Workers’ Compensation policy (depending on the legal criteria for determination). Your insurance consultant can review these rules with you.
Insurance Solutions
Professional Liability
As a business owner, you might be worried about protecting your assets and staff from potential damage. But have you ever thought about what would happen if your advice or services caused damage to your clients or other businesses?
If you’re in the business of providing professional services or advice, like consulting, engineering, financial advising, insurance, or law, you need liability protection. This specialized coverage can protect you from claims that arise from mistakes or undelivered services that result in financial losses for your customers. Coverage for these types of claims is typically excluded on a General liability policy.
Insurance Solutions
Data Breaches
Despite popular belief, it’s not just big corporations at risk for data breaches. In fact, small businesses are even more vulnerable due to a lack of robust cybersecurity practices. And sadly, a single data breach can lead to permanent business damage. Data breaches are becoming one of the most common small business risks.
Cyber liability insurance can provide coverage for losses incurred directly to your business; malicious attacks, accidental data breaches, cybercrime, damages related to Security Breach expenses; forensic investigations, ransom attack payments, loss of income, legal defense, public relations, customer credit monitoring, and legal fees associated with defending a lawsuit.
Additionally, cyber liability insurance can provide resources and support for small businesses in proactively managing their cyber risk and preventing potential breaches or attacks. As cyber threats continue to grow and evolve, carrying cyber liability insurance can help small businesses protect their sensitive data and their finances, and give them peace of mind.
Insurance Solutions
Small Business Insurance from Christian-Baker Company
Running a small business can be a tough yet rewarding journey. From natural disasters to cyber-attacks, unexpected risks can result in excess expenses, lost revenue, and prolonged downtime. Let Christian-Baker Company be your guide to safeguarding your business with our commercial insurance solutions.
As a leading independent agency, we have access to more than 50 carrier partnerships. Our team strives to provide top-tier service to our clients by searching for the best policies that suit their needs at a competitive price. If you’re in the market for commercial insurance, call our office at 717-761-4712 connect with us online and let us help you protect what you’ve built.
