All it takes is one unexpected disaster to potentially knock a business down and force its doors to close. The first step in protecting your business is understanding your risks. To help you get started, we've rounded up a few of the most overlooked risks businesses face today.
Property is often a small business owner's largest asset, so it is vital to evaluate potential threats and develop a plan to manage them. Whether you operate from an office, store stock in a warehouse, or rent a retail space, you need property insurance to safeguard your property, from equipment to inventory.
What would you do if a fire caused your business location to be temporarily unusable? Ideally, you would move to a temporary location while your permanent place is being repaired, but could you afford this? Your property insurance might not cover the move or loss of income, and the financial pressure could be too much for some small businesses. By selecting the appropriate business interruption insurance, you would get a helping hand in facing these costs so that you can operate from a temporary location without skipping a beat.
Small businesses often lack a formal IT department and can miss out on some fundamental security measures when handling digital data. As hackers get smarter, it's worth taking steps to prevent data loss and important information from falling into the wrong hands. Cyber liability insurance can help when your business faces a breach, so you might not have to worry about recovery costs.
No matter what size, every business can benefit from business insurance – get started on yours today! For the right commercial insurance policy, contact Tompkins Insurance Agencies. We can help you find a reliable coverage that works for your company.