Owning a business can be frightening. It takes bravery to face the uncertainty and forge ahead with your boutique, beauty salon, bakery, or B2B service. The thought of everything that might go wrong could paralyze anyone with fear: accidents, injuries, medical bills, fires, theft, break-ins, and lawsuits are always lurking… waiting…
Brave business owners know that the best way to face their fears is to arm themselves with a strong defense and protect themselves with the right insurance policies.
Because the only thing scary about business insurance is not having it when you need it.
Here are some of the fears you may have about the risks lurking around your business, and the insurance solutions that will allow you to face that fear with confidence.
Fear Factor: Accidents and Injuries
Got customers? Anyone of them could get injured just walking into your front doors. Floor displays or boxes could trip them up. Floors that are wet or slick could cause a slip. A customer who is injured in your place of business could cost you big in medical bills, not to mention possible legal costs if they decide to sue.
And customers aren’t your only injury liability when you own a business. If you have employees, there is another level of risk and responsibility. What if one of your employees gets injured while doing their job? An accident could occur while unpacking a box or restocking merchandise, while preparing food on the line, or even while simply typing!
Face that Fear: General Liability and Workers’ Comp Insurance
Don’t let the thought of potential injuries keep you awake at night. Protect your business with general liability and workers’ comp insurance, instead.
General liability insurance is there to cover the unintended accidents and other incidents which could result in a customer injury as a result of your business, whether that’s a slip and fall in your store, or a burn from a too-hot beverage at your cafe. General liability covers most third-party medical expenses, and is even there for you in the event an injured customer decides to take the incident to court.
If an employee gets injured while performing their job, however, you’ll need a different type of business insurance policy: workers’ compensation insurance.
Worker’s comp will ensure that your best employees get the medical care they need so they can get back to work - without draining your business bank accounts.
Fear Factor: Break-ins, Vandalism, and Theft
You’ve worked hard on your retail space, office space, or showroom. You’ve invested in display cases, interior furnishings, and special touches throughout. But your high-end space, gorgeous product displays and fine furnishings are left exposed every night when you leave, even when you set the alarm and lock the door.
According to the FBI, a burglary happens about once every 14 seconds. And while many residential break-ins happen during the day, commercial and business break-ins tend to happen at night.
Face that Fear: Commercial Property Insurance and BOPs
Want to protect your business assets, investments, and belongings from break-ins, burglaries, theft, and even vandalism? Commercial property insurance is the answer that can take you from fearful to fearless. Property insurance generally covers your buildings and their contents from covered losses such as theft and unintended damage.
Many small business owners like to protect their business assets with a BOP, or Business Owner Policy. A BOP often combines the coverage of commercial property insurance plus general liability coverage at an affordable, discounted rate.
Fear Factor: Accidents on the Road
Accidents happen every minute on the road. According to the National Highway Traffic Safety Administration’s 2014 data, as many as 4.5 people are injured or killed in an auto accident every 60 seconds. Which means there is a large risk that you, or an employee, could be involved in an auto accident every time a vehicle is used for your business purposes.
You could be running to pick up more supplies from a local distributer. Or you could send one of your managers to pick up lunch for the team. Or one of your service technicians could be on their way to perform a repair. Whatever the reason - a car accident could be right around the next bend.
Face that Fear: Commercial Auto Insurance
If your business owns, leases, or uses any vehicles, you can put remove some of the fright of the road with commercial auto insurance. You won’t have to worry about what the outcome will be if one of your employees is involved in an auto accident while driving a company car. You can rest easy if you’re using your personal vehicles for business purposes. You can even have peace of mind if your employee is using their own vehicle while performing a business-related task.
Fear Factor: Cyber Attacks and Data Breaches
You don’t have to be an online business to fear a cyber attack. Hacks and attacks happen every day, and often small businesses are a hacker’s preferred victim. Small businesses often lack the resources to have large amounts of resources dedicated to online safety and security.
Which means your company’s sensitive data, your customer’s private information, and even credit card and banking information could be exposed to risk.
Face that Fear: Cyber Liability Insurance
If your business has cyber liability insurance, you’ve got a plan in the event of an attack. Even better, you won’t be reaching into your business accounts and assets to right the wrong and fix the damage if a hacker breaches your systems.
Cyber insurance generally covers the cost of investigating the breach, notifying clients and customers, offering credit-monitoring services, business interruption, and even PR costs if you need to handle reputational damage. And if you have any legal costs such as defense or attorney fees, fines, settlements, and damages related to the breach, that’s typically covered as well.
Business insurance is there to take the fear out of your business, so you can focus on what’s most important: growth and profits. Don’t waste another minute of time being frozen with fear, lying awake at night worrying, or feeling frightened of what could happen. Protect your investments with the right insurance policies for your specific business, and you can face your fears with confidence. Nothing to be afraid of here.