Small business claims protection and prevention.
Small business owners don’t just have to focus on keeping costs down and increasing sales; there are also a lot of other tasks that go into making a business successful, including managing risk. Many well-run businesses have been blind sighted by burglary, arson, natural disasters, and misfortunes. Identifying likely risks and taking steps to avoid or mitigate them, such as having the right insurance policies, can help.
To help you protect your business, check out these common insurance claims and how to mitigate the risk.
Burglary and Theft
Burglary and theft are severely underrated even though small businesses are often a common target for thieves. The best way to mitigate this risk is to install simple security measures. Lock the doors and sensitive areas, set up a buddy system for making deposits, use electronic security equipment, don’t keep cash on site overnight, hide valuables from the window, and develop safe security practices.
Slip and Fall Injuries
If a customer slips and falls at your business, a court could hold you liable for his or her injuries and award damages to the custom. Businesses that have a lot of foot traffic are at an elevated vulnerability for these types of accidents. Make sure your property is free of slip-and-fall hazards, such as loose steps and hand railings, slick floors, and clutter. Put up warning signs if the flooring is wet from a spill or is freshly mopped to reduce the chance of a fall.
Business owners could be sued if third parties can assert a claim that the business owner or employees cause damage to their reputation. Slandering competitors in advertising or social media posts ridiculing a third party can give rise to these claims. The way to avoid such incidents is to ensure all advertising and posts are suitable to publish. Avoid untrue statements, hearsay, and don’t use other people’s social media posts without their permission.