When people talk about the risks that come with starting and running a business, they often focus on the financial risk that comes along with it, such as commercial leases or construction, payroll, taxes, equipment, inventory, and monthly expenses. However, there are other important risks to consider so that your business is well prepared to mitigate those risks and avoid major pitfalls. In today's Aegis blog post, we look at important risks to be aware of so your business is protected financially and is prepared in case disaster strikes.
Building and Property Risks
The physical property of your business carries the bulk of your company's potential risk, whether with the equipment inside, the production and distribution of your goods, or the interior and exterior functionality. For example, a business that sets up in an older building might have a greater risk with outages or electrical issues because of older wiring, or restaurants and bakeries that face higher risks of fire damage because of their ovens or cooking equipment inside. Businesses can be prepared for these property risks through Commercial Property Insurance to cover damages and losses related to their commercial building and property inside.
Employee and Customer Safety Risks
Additionally, businesses also face risks when it comes to both their employees and their customers. Employees could be injured in the workplace in a variety of ways, whether in a deli kitchen, a slippery bar floor, in a warehouse or forklift accident, or when using older tools or outdated equipment. Likewise, customers can be easily be injured on a commercial property, whether through slips and falls in a retail store, a trip in an uneven parking lot, or from a spill or food injury at a restaurant. To protect themselves from liability risks, companies need to ensure they have Workers Compensation coverage and General Liability coverage to mitigate these risks.
Weather and Catastrophic Event Risks
Finally, there are some risks that could significantly impact a business that are solely related to Mother Nature. Although they might be slightly less likely to occur than other threats, the damages and losses they cause could be catastrophic for companies. For example, hurricanes, windstorms, and lightning strikes can cause significant damage, and without the right kind of insurance protection, the cost of repairing and replacing damaged equipment and buildings could be devastating. Businesses should ensure that they have Commercial Insurance policies that protect against hurricane, windstorm, and lightning damages so they can quickly recover and move forward.
Aegis Insurance & Financial Services is committed to providing businesses with top-quality Commercial Insurance coverage at competitive rates. In addition, our team of Commercial Insurance experts can help assess your existing business risks and identify gaps in coverage that should be addressed. Contact our team about our full range of Commercial Insurance policies at 713-850-7622, or fill out our online form to request a free quote today!