Insurance Risks For Business Big And Small

2024-01-25
By: Advocate Brokerage

As a business owner, you accept that you take risks every day. But taking risks does not have to leave you completely vulnerable. Advocate Brokerage can help you determine the right types of coverage to offset the biggest hazards in your industry. But first, it’s important to understand the types of risks businesses face.

Risk Categories

There are four categories of risk that pertain to businesses. These are operational, strategic, compliance, and reputational. While each is unique, they all pose a threat to your livelihood if you are not proactive. This means taking steps to avoid problems and having the right insurance in place to mitigate damage should issues arise.

Specific Insurance Risks

A few specific risks to be on the lookout for include:

• Cyber security breaches. If your business operates online in any capacity, you are at risk of a data breach or cyber-attack. These can shut down your operations or, worse, steal the valuable data of your business, customers, and employees.
• Property damage. Property damage occurs from many different sources, including natural disasters and acts of man. Snow and ice, for example, can cave in a roof, and criminals may break windows.
• Human capital. Your human capital is made up of the employees that help your business run. These individuals are at risk as well, whether they are performing manual labor or driving to and from offsite locations.
• Professional mistakes. Even as the decision maker, you are still not just at risk of your own mistakes but also those of your support vendors, such as accountants and IT professionals. You need the right coverage to cover these unexpected issues.

This is not a complete list of risks that business owners face. Yours will vary by your industry, size, and workforce.

Choosing The Right Insurance

At Advocate Brokerage, we understand that there is no cookie-cutter approach to business insurance. As such, our agents take the time to find out about your business to help expose your unique risk factors, get to understand your legal responsibilities, and decide the types and amounts of coverage that are appropriate for your situation.

Ultimately, leaving your business uninsured is like a football player going onto the field without pads, training, or an understanding of the opposing team. You may still get the job done, but at what cost?

Still looking for business insurance, contact Advocate Brokerage today, and let our experienced business insurance specialists walk you through the process to get you and your assets covered.