6 Common Risks Small Businesses Face

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Some businesses face greater risks than others so their needs will be different. This is why it’s important to consider the following.

Liability Risk

The most common liability risks include physical damage, bodily injury, and failure to meet contractual obligations. Commercial General Liability (GL) insurance covers accident-related damages that your small business may be found legally liable for. A GL insurance policy also protects the company and its employees, wherever they are doing business.

Commercial Auto Risk

Commercial Auto insurance protects companies when personal or company vehicles are used for business purposes like taking the team out to lunch, making a delivery to a customer, or traveling for an appointment or meeting. Anything can happen during these times, so it’s best to be covered than not.

Property Risk

Brick-and-mortar, home-based, and technology businesses alike face property risks. Accidents, hazards, and natural disasters can all negatively impact inventory, physical property, machinery, and other essential equipment.

Business Interruption Risk

Sudden and unexpected events can impact the ability of your business to continue operations. A natural disaster that wipes out infrastructure and utilities means your storefront can’t open its doors to customers. An accident or unexpected visitor could cause a temporary pause in operations for repairs. Without a Business Interruption (BII) policy, a temporary closure could seriously or permanently impact your business. BII policies cover lost income and operating expenses while your business is closed or can’t operate.

Cyber and Data Risk

For technology and internet based businesses, cyber and data risks are extensive. If your business accepts credit payments, stores records, or uses email marketing, it is exposed to cyber liability.

For more ideas, read our recent article Positive COVID-19 Cases and Death Continue to Decrease According to Los Angeles Public Health

Call us directly 1-310-835-3373 or speak with a licensed agent at Uniamericainc.com to discuss which coverages best fit your unique situation. 

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