Small incidents can cost your business serious money. Here’s how the right commercial insurance can help.
Running a business can be a stressful job. There’s a lot to keep track of and things can fall through the cracks from time to time. While some issues may not seem important in that moment, they can have a huge financial impact on your business. It’s important that business owners have the support they need. Business insurance can offer the necessary assistance. Read about some of the most common issues that can cost a business and learn how the right commercial insurance can help.
Theft
While a missing pen or stapler may not seem like a huge issue, small businesses need to watch for theft. Unlike big corporations, smaller businesses cannot afford to replace inventory that has been stolen. Therefore, it is important that small business owners keep careful watch over thier inventory and the employees working with it. Additionally, business owners that handle much of their business online need to watch out for data theft.
A business owner is responsible for the losses due to theft, so you need to have the necessary safeguards in place. Crime insurance can help business owners protect themselves from petty theft, burglary, extortion, and other criminal acts.
Legal Costs
A business owner can expect legal expenses that come from licensing and certification fees. However, they should also be ready for the legal fees associated with lawsuits. According to the National Federation of Independent Business, small businesses are often targeted for lawsuits because they are likely to settle out of court. Not only can legal issues result in settlement expenses an attorney fees, but they also cost your business the time spent dealing with lawsuits.
The best way for small businesses to deal with these issues is to invest in general liability and employment practices liability insurance. A general liability policy will cover claims filed by customers, employees, contractors, etc. An employment practices liability policy protects you against employee claims such as discrimination, harassment, and so on.
Business owners should keep these risks in mind and invest in the right policies to keep their businesses safe. Contact Purves & Associates Insurance Agency to find the right commercial insurance for your business. Out knowledgeable team is ready to assist you with all your insurance needs.