Managing Small Business Risks

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Business Risks

Small businesses face many of the same risks as larger companies. Corporations, however, can afford to employ a staff of legal experts to guide them through the different types of litigation to which they may be susceptible. The small business owner must speak with an insurance agent who can help them identify the risks that are inherent in their business and find the right coverage to protect them.

Types of Small Business Coverage

Depending on the type of business you own, the risks can vary. You can purchase a comprehensive package or select individual coverage. Listed below are common types of small business insurance that are available.

  • General Liability – This commercial policy can protect your business in the event of unpreventable accidents to another person or their property.
  • Employment Practices Liability – EPL insurance provides protection when claims are made by employees. Examples include discrimination, harassment, and retaliation.
  • Cyber Liability – Cyber insurance covers losses due to data breaches or ransomware events. Policies include first-party coverage and may also provide protection against third-party claims.
  • Workers’ Compensation – This form of insurance provides replacement of wages and medical coverage to employees who are injured on the job.

When you purchase small business insurance, you can have peace of mind by protecting your company from unwanted claims.

This post was written by , posted on September 29, 2020 Tuesday at 4:44 am