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Commonly Overlooked Business Risks

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Your Business Risks You’re Overlooking

 

Small and medium-sized business owners often forget about some of the most dangerous risks they are exposed to. All too often, these businesses face significant risks from employee lawsuits, business interruption, and cyber breaches – yet, take no action and overlook their danger.

 

  • Employee Lawsuits

Even if your team is close-knit and work well together, lawsuits can happen. Even a false charge can seriously damage a company’s reputation. No matter how much you trust your employees or managers or how thoroughly you focus on training, it is extremely rare for a strategy to be 100 percent effective in avoiding claims of harassment and discrimination. Basic levels of protection are very easy to secure, fortunately, and employment practices liability insurance helps your business when such lawsuits occur.

 

  • Business Interruption

Many business owners don’t understand the extent to which they are exposed to the risk of a major interruption to their business, from natural disasters, fire, and more. If your business is forced to close for several days or even months, you may not recover from the financial impact. This makes secure business interruption insurance imperative, which protects your business’s income during an interruption.

 

  • Cyber Risk

Data breaches, computer hacking, employee error, and even the shutdown of operating systems are all examples of risks that are increasingly significant for businesses. Your standard business insurance may not cover such events, which is where cyber liability insurance steps in to help. If your business does face a cyber issue, you will have the finances to recover and repair.

 

As a business owner, it’s in your best interest to do what you can to protect your company from risks. To safeguard your business even more, make sure that you have the right commercial insurance. For a policy to suit your business and property at the right price, contact the team at Humble & Davenport Insurance today.