Protecting your investments makes sense. You probably use a stock broker for stock, bond and fund advice. You may choose low risk mutual funds. When it comes to your business, you probably buy quality equipment and hire the best, most qualified employees. Are you doing everything you can to protect your business investment though?
Major threats like hacking get news coverage. Other major threats like fire don’t. While lawsuits over product malfunctions make headlines, lawsuits over someone slipping and falling don’t. They all represent real scenarios that could put a company out of business. Cyber threats also require security measures and a crisis plan. A product malfunction requires damage control while you fix the product issue. One item protects your business investment from a loss from any of the scenarios – business insurance.
Business insurance includes numerous policies including business interruption, commercial auto, liability, workers compensation and property insurance. Which policies your business needs depends on your business situation. You’ll need to talk to an insurance agent, but you can get business insurance quotes online. Here’s an executive summary on what each policy type covers.
- A property policy covers your physical business location and contents, including equipment and inventory.
- A liability policy protects you from lawsuits over slip and fall accidents. In fact, it protects you from a lawsuit should someone get injured in any way at your business. It covers you if your product malfunctions or fails and if you offer services that could cause a financial loss for clients.
- A commercial auto covers the vehicle for damage and your employees, plus anyone they injure in the case of an accident.
- A workers’ compensation policy covers the medical expenses and lost wages of an employee due to injury on the job or an illness stemming from the job. It’s usually state mandated.
- A business interruption policy protects you from losses due to an operation cessation due to property loss. It is a staple of business continuity.
Study the potential threats of cyber crime. Hire a consultant for the planning and threat assessment. You’ll need them to create and help you implement your plan. Install appropriate devices such as back up servers and antivirus software. You’ll need a remote backup option, as well.
Set strict policies limiting use of office email systems and personal email use on the company computers and mobile devices. Limit administrator access to only IT staff. Restrict the software on systems to only that which the company purchases for its enterprise use.
Protect your reputation by proactively building and monitoring your public relations. Your campaigns build your reputation while monitoring social media, review sites and blogs for negative comments helps you protect it. Address client and customer concerns immediately and publicly.
Project a positive image on your social media. Post often and provide information that helps people understand your brand.
A publicist or public relations firm can help you develop your strategy. They can create a crisis communications plan for you that you’ll implement in cases of business peril. That might include your product failing or malfunctioning in some way that harms people or a natural disaster closes your business temporarily.
Following these three simple steps can help you protect your investment. While you can’t prevent every blip in business continuity, you can insure you can pay for them and handle the damage control that saves your reputation.
If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.