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risks for a small business owner

Top Business Risks for a Small Business Owner

Being a small business owner can be hard work, regardless of your industry or field. On top of all the dedication you put into your small business, there are threats to it every day. From small things like a broken bathroom faucet or something bigger, like the economic environment, can impact your business. Being aware of these threats can help you negate them before they turn into bigger, more expensive problems.

Employee Injury

Your employees help keep your business running day-to-day. When employees get hurt, the effects can snowball. Employees may feel like you did not take precautions or the necessary steps to ensure a safe work environment. Additionally, the financial burden of medical bills can be staggering if you are not prepared. Here are some tips to reduce the risk of employee injury:

  • Evaluate the workplace safety – add or modify current safety equipment and protocols to make the workplace safer.
  • Educate employees on best safety practices
  • Review your workers comp policy with your insurance agent
  • Create a return-to-work program in the event an employee does get injured to help foster a smoother transition.
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Property Damage

There is always a potential risk of damage to your storefront or office. Bad weather, vandalism, and accident can all negatively impact your business’s property. Consider talking to your agent about commercial property coverage. Typically, commercial property insurance covers your physical assets from:

  • Fire
  • Explosions
  • Storms
  • Theft
  • Vandalism

Whether you have a small studio space, or a large warehouse of inventory, having the right coverage can help protect your business from financial falter.

Customer Injuries

Customer injuries are a common risk for a business owner. For instance, if a customer slips and falls in your store, or your product injures a customer, you may find yourself at fault. Medical bills and legal fees can quickly add up. Luckily there are some ways to help prevent these things from happening in the first place, such as:

  • Placing warning signs in areas that have just been mopped
  • Adding safety measures to your property, like handrails on stairs.
  • Making sure all pathways, driveways, and walkways are clear from debris and clutter.

However, sometimes accidents happen. When these things happen, make sure your insurance is there to help protect you! Having general liability insurance is one way to help protect your small business. Talk to an Encharter agent if you have any questions or concerns regarding general liability insurance. They can help you find the right coverage for your business!

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Theft and Damage

Theft and damage are two big concerns for a business owner. Whether intentional or not, theft and damage can negatively impact your business. Loss and cost of repairs can sum to a large amount. Bad actors are not always easily dissuaded. Installing an alarm system and cameras can sometimes be helpful. But other times, you may not be able to prevent such threats. That’s where commercial property and general liability coverage can come in handy. Another option is the small business owners’ policy (BOP), which is like a bundle of common insurance coverages. It can help cover:

  • Bodily injury
  • Property damage
  • Product liability
  • Third-party property damage

If you are a small business owner, talk to your agent about ways to mitigate risk! We are here to help you find the best solution for your business.

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