As a small business owner, the last thing you want is a major issue disrupting your operations. Unfortunately, running a business opens you up to certain risks that are simply unavoidable. To ensure that you are ready for whatever comes your way, here are some of the most common commercial risks and what you can do to safeguard against them.
All businesses face the risk of damage to their building, supplies, inventory, equipment, and other property. While training and safety features (such as sprinkler systems and security systems) can prevent property losses caused by fire, theft, and vandalism, there’s not much you can do to prevent the damage caused by extreme weather or natural disasters. This is why you need to secure the right commercial property insurance to ensure that you have coverage for repairs and replacements.
The best way to prevent employee injuries is by offering your staff comprehensive health and safety training and conducting frequent workplace safety inspections. Unfortunately, even the best training programs and the strictest safety protocols cannot completely eliminate the risk of an employee accident. This is why you need to have the right workers compensation coverage to rely on. This type of insurance will pay for an injured employee’s medical treatments, a portion of their lost wages, and their rehabilitation costs.
Businesses can face a wide array of liability issues from third-party injuries on business property to libel to errors in professional work. While employee training, workplace safety protocols, and careful oversight of professional duties can help reduce your business’s liability risks, you should also have the appropriate commercial liability coverages to fall back on. Speak to your insurance provider to learn which liability insurance options are best suited for your business’s needs.
These are some of the most common commercial risks and what you can do to protect against them. Are you looking to secure the right coverage for your company? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your coverage needs today.
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