Business Insurance & Risk Management: What You Need To Know About Your Coverage

​Whether you're a new business owner or an established one, you need to have the right coverage in place. Insurance can be expensive, so going without it may seem appealing, but this is never a good idea. You could find yourself facing severe financial trouble as soon as something goes wrong.

Business insurance is an important topic, and it's not one that you should take lightly. Even if your business is a new startup with no assets or revenue, you still need to be prepared for legal proceedings or natural disasters. A good rule of thumb is to have enough coverage for at least three times your annual revenue - but this will vary depending on what type of business you own. 

Why do you need business insurance and risk management coverage?

• To protect your company from the cost of a lawsuit, natural disaster, or other unforeseen events.
• To provide you with peace of mind that if things go wrong in your business - there is an insurance policy to back you up and recoup some of your losses.

How can I make sure my company is adequately covered?
It's essential to evaluate what kind of coverage you need based on industry standards, as well as how much protection would be the best fit for your needs. Here are some steps that will help: 

• Know what type of insurance policies work best for businesses like yours
• Consider factors like age, location, proximity to potential hazards
• Talk through possible scenarios with an agent
• Review quotes closely

What are some of the risks that a business has to worry about?
Businesses have to take into consideration all kinds of risks. Every business is different, but the following are some common ones: 

• Lost profits due to a legal cost or investigation-related disruption in operations
• Material loss and property damage from natural catastrophes like floods, earthquakes, fires, tornadoes, etc.
• The business interruption caused by theft of inventory or equipment; customer data breaches; cyber-attacks, and internet outages that shut down an organization's website for extended periods
• Legal liability arising from injury to customers/employees on company premises or during their workday.

Conclusion
We hope that you better understand the importance of business insurance and risk management by now. If not, there are many helpful resources to help guide your decision processes, such as our blog or our agents. Whatever path you take in finding an appropriate plan for your company will be well worth it! Consider all factors involved with running a successful business before coming to conclusions about what type of coverage is best for you.

At Desmond Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (859) 491-5100 or Click Here to request a free quote.