Is Your Small Business Fully Covered?
Small business owners: we see you. We know how many hats you wear. From bringing your vision to life, to properly staffing your business, figuring out the financials to dabbling in marketing, your job is truly never “done” when you run your own business.
And that’s without the added pressures of a pandemic, forcing businesses to rethink their entire operations in some cases!
When you’re in the biz of small business, it’s vital to ensure your company is protected, especially as you’re adapting to the ever-changing world around us.
As your partner in all-things-insurance and risk management, we’ve put together a few considerations to ensure your small business is covered.
Cyber Risks + Insurance
Over the past few years, several small businesses have gotten a crash course in going digital – whether that means hosting all meetings via Zoom, or setting up an e-commerce platform for your customers.
As we move farther into the digital age, our risk of hacking schemes, phishing emails, and exposure to malware programs increases. Cybercriminals are no dummies; they constantly change their tactics so it’s crucial you stay one step ahead of them.
Some ways to ensure your employees and information are protected are to:
Update your antivirus software throughout your organization
Back up your information
Invest in staff training to help every individual be aware of what data breaches can look like, and how to report them
And, you’ll want to ensure your cyber liability insurance is up to snuff. That’s where we come in! This coverage is intended to protect you and your information from the risks inherent to digital technology. We can help tailor your cybersecurity coverage to your exact needs.
Additional Insurance Coverage + Scenarios
In addition to cybersecurity coverage, there are other types of coverage we recommend for small businesses, including:
D&O (Directors and Officers) Insurance: This type of coverage helps protect the directors and executive officers of a company, and the company itself, for losses and other costs resulting from lawsuits that allege wrongdoing. Did you know? Your stakeholders could sue your business if you fail to operate normally due to COVID-19 concerns. Having the right D&O coverage can help mitigate the impacts of these lawsuits.
General Liability Insurance: This policy covers general damage scenarios, such as property damage or accidents that happen on a nonprofit’s property. With this, your organization will be covered for accidents or damages that the organization is ordered to pay someone (for instance, if someone is harmed on your property). This coverage can also protect your organization’s assets if it is sued for personal injury, negligence, slander, and more.
Workers’ Compensation: While General Liability Coverage can include some aspects of employee-related risks, Workers’ Compensation provides your employees with more robust benefits in the event of a work-related injury or illness. And, it can safeguard your business, too. Read more about Workers’ Comp coverage in our blog post here.
Remember, we are here to help you think through all possible scenarios where you may need coverage to protect your small business in a rapidly-changing market. Give us a call or email us to talk through the best coverage and plans for you: (636) 537-5611.
