Small Business Risk Prevention Program

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Small Business Risk Prevention Program

Having a risk management strategy is about common sense and being smart. This means having a risk prevention program in place. Many calamities that befall small businesses come from accidents waiting to happen.

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Take a page from the military. Keep areas clean, put things away, maintain service areas, keep guards on equipment, protect inventories, and educate your employees. In essence, build a safety conscious business environment.

From an insurance perspective, your business environment includes your employees and your assets, such as property, inventory, fixtures, furniture, office equipment and supplies. Employment practices liability insurance protects against employee related lawsuits and claims related to the job, such as:

Discrimination
Sexual harassment
Wrongful termination or discipline
Negligent compensation, promotion or hiring practices

Breach of contract for employment
Emotional distress or mental anguish
Invasion of privacy
Libel or slander
Employee benefits mismanagement

Commercial property insurance protects your business assets in the event that they are lost, stolen or damaged. Insurance premiums vary based on the value of the assets and whether you choose to purchase coverage for replacement cost value or actual cash value (ACV). If you have a company car, truck, recreational vehicle, travel trailer, utility trailer or mobile home, there is also the option to purchase automobile insurance, which offers...

Bodily Injury Protection
Property Damage Liability
Uninsured Motorist Bodily Injury and Property Damage
Uninsured Motorists
Personal Injury Protection (No-Fault)

Collision
Comprehensive; e.g., theft, fire, riot, glass breakage, hail and windstorms
Full Glass
Towing and Labor
Rental Reimbursement

Home-based business insurance is necessary if you operate out of your home. Most homeowners insurance policies do not generally cover home based business losses. Common coverage for a home based business includes protection for your business equipment, such as computers, printers, data storage devices, and inventory, as well as liability protection in the event that a client or customer visits your home and is injured.

For a more comprehensive perspective of risk in relationship to your small business, view the Insurance & Risk Management Guide.

Did you know?

"...that insureon offers access to a team of licensed, experienced insurance advisors who can provide you with free, expert advice anytime from 8:30 AM to 6:00 PM Central Time, Monday through Friday? Simply Email an insureon representative. You can also learn more about why small businesses and startups choose insureon's convenient online tools to evaluate, choose and secure the right business insurance coverage."

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Note: This information has been compiled by the Knowledge Institute for Small Business Development (KISBD) for educational purposes only in order to convey a general overview of the options and related services available to small businesses in the subject areas introduced. Content is provided on an "as is" basis and is not intended to be an exhaustive representation, nor does it provide advice or create a customer relationship between KISBD and its sponsors, buzgate.org, its affiliates and any other organization named herein, and any reader.

BUZGate.org is an award-winning entrepreneurial education and resource community serving small and medium-sized businesses. Content promotes awareness and access to free government and nonprofit assistance programs and select business-to-business products and services tailored to driving venture startup, growth and profitability.

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