Five overlooked threats to small businesses
The first step in implementing a comprehensive risk management plan is identifying potential risks. To help you get started, below are five overlooked threats facing small business owners. As you read through the list, consider the unique risks facing your business and ask yourself whether those risks are being managed effectively.
Business Interruption. Is your business prepared to cope with a natural disaster? Ill-prepared businesses are often forced to shut down operations during repair, which can damage their brand and leave employees without work. To mitigate this risk, consider adding Business Interruption coverage to your Property Insurance policy.
Key Person Losses. Many small businesses only employ a few individuals. If an employee crucial to the functioning of your business departs unexpectedly would daily operations continue as usual? Key Person Insurance can help to move your business forward.
Managing Electronic Data. Small businesses often lack strong internet security measures which leaves them vulnerable to cyberattacks. If your business stores customer records electronically, you should consider Cyber Liability Insurance. This coverage can help to protect your business against damage from attacks and data breaches.
Employment Practices. From the moment you begin the hiring process until the exit interview you are at risk for a lawsuit which can be very costly and time-consuming. Employment Practices Liability coverage can help to protect your company against wrongful termination, discrimination, or sexual harassment lawsuits.
Manage Your Supply Chain. Do you rely on one or more third-party suppliers to produce components used in your products? A disaster that interrupts your supplier’s regular business operations could have a crippling effect on your production. Supply chain insurance can help to cover losses you incur as a result of an interruption to your supply chain.
Our commercial lines team at SEFCU Insurance Agency can help you review these types of risks and provide you with the right insurance coverage at the best rate.
Contact us today at 888-250-6689 ext. 2021 or click here for more information.