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11 April, 2019 0
safeguard your small business

How to Protect Your Small Business From 3 Common Risks

Tips for safeguarding your company from these common threats.

Small business owners understand that their companies face a considerable number of risks.  But which threats are most pressing and what can you do to protect against them?  From safety training to securing the right commercial insurance in Los Angeles, California, here are some of the things that you can do to prevent these common business risks.

1) Property Loss

All businesses face the risk of damage to their building, supplies, inventory, equipment, and other property.  While training and safety features (such as sprinkler systems and security systems) can prevent property losses caused by fire, theft, and vandalism, there’s not much you can do to prevent the damage caused by extreme weather or natural disasters.  This is why you need to secure the right commercial property insurance to ensure that you have coverage for repairs and replacements.

2) Business Interruption

If your business experiences a major damage event, then you may be forced to temporarily close your doors.  To ensure that you are not completely derailed by business interruption, you should have a recovery plan in place.  For instance, you should know how to preserve business relationships, meet contract deadlines, and maintain communication with relevant parties.  You should also make sure to secure business interruption insurance to help you keep up with operating costs (such as rent and employee paychecks) even if you do not have business revenue currently coming in.

3) Employee Injury

The best way to prevent employee injuries is by offering your staff comprehensive health and safety training and conducting frequent workplace safety inspections.  Unfortunately, even the best training programs and the strictest safety protocols cannot completely eliminate the risk of an employee accident.  This is why you need to have the right workers compensation coverage to fall back on.  This type of insurance will pay for an injured employee’s medical treatments, a portion of their lost wages, and their rehabilitation costs.

These are some of the things that you can do to protect against these three common commercial risks.  Are you interested in securing the right commercial insurance in Los Angeles, California to keep your business safe?  If so, then contact the experts at Fuller Insurance Agency in Southern California.  We are ready to get you the coverage that you need today.

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