Holding it all together like the central object of Tolkien’s Lord of the Rings, this is an asset that helps businesses protect all their other assets: insurance.
In today’s ever-evolving business landscape, small businesses face a myriad of challenges, with insurance-related issues being at the forefront. With an estimated 75% of small businesses experiencing an insurance-worthy incident last year alone, the need for comprehensive coverage and proactive risk management has never been greater. The following are four areas where owners can implement safeguards to protect their businesses.
- Fire: Fires pose a significant risk to small businesses, particularly in the restaurant industry. The National Fire Protection Association reports approximately 8,240 restaurant fires annually, and most stem from equipment malfunctions, underscoring the importance of regular maintenance.
- Workplace Injuries: Injuries at work, especially slips and falls, are a common cause of insurance claims. These incidents account for a third of all workplace injuries and are a major factor in worker’s compensation claims. Preventing these incidents is key.
- Theft: Small businesses are frequently targets of theft, ranging from employee theft to cybercrimes. These incidents significantly impact a business’s bottom line, and owners should implement ways to minimize thefts.
- Water Damage: Water damage is a pervasive issue for businesses, regardless of location. It can result in operational interruptions, costly repairs and potential structural damage or mold if not addressed properly.
By proactively avoiding risks and by having small business insurance, business owners can recover quickly following a disaster.
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