Managing Your Small Business Risk
Small businesses face a variety of risks. To protect yours, it’s crucial to identify the risks specific to your organization, then develop a strategy for managing them. Below are some common risks small businesses face as well as how to attenuate them.
A data breach is much more than a violation of your and your customer’s privacy. Depending on what the hackers access, they could harm your business beyond recovery. Cybersecurity insurance has come a long way to keep up with modern cyber threats. Business owners should protect their company from on-site and remote cyber threats.
Business owners cannot predict when this type of risk will occur. Business interruptions are usually the result of a natural disaster or unforeseen events that force business owners to temporarily close or set up shop elsewhere. Business interruption insurance exists for these types of situations. Business interruption policies provide coverage for loss of income as well as expenses related to operating the business.
Businesses face a variety of potential lawsuits as part of their day-to-day operations. Some examples include slander or accidental injury. Following best practices can help reduce the likelihood of such a lawsuit, but it does not provide protection in the event of litigation. There are numerous types of liability insurance that provide coverage to reduce this risk.
Protecting your company is vital to remaining in business. Without the right insurance policies and appropriate coverage, it is easy for threats to overwhelm a company. The Reilly Company can help you decide which policies are best for your small business. We will help you identify risks to your company as well as develop strategies for managing them. To learn more, contact us.