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18 February, 2020 0
business paperwork, commonly forgotten business risks

Watch Out for These Commonly Forgotten Business Risks

Protect your business from these commonly overlooked risks.

Business owners know that their companies face a considerable number of risks.  While threats such as theft and employee injuries are at the forefront of your mind, you may inadvertently overlook other dangers.  Having the right commercial insurance in Los Angeles, California, can help you protect your business, but even this isn’t enough.  To successfully safeguard your company, you need to know which risks to watch out for.  So, don’t forget about these commonly overlooked business risks.

  • Worker Misclassifications

Small businesses often run into problems when it comes to labor laws and payroll taxes.  For instance, they do not know how to classify and document interns and independent contractors properly.  This can lead to issues with the Internal Revenue Service (IRS), state tax departments, the Department of Labor, and workers compensation laws.  These mistakes can result in hefty fines.  To help you with your worker classification codes, work with an experienced business advisor or commercial insurance agent.

  • Data Breach

To date, over half of all small businesses have become victims of a cyberattack.  Because businesses collect and store private information on their clients, a breach can put their clients at risk.  To prevent such a major loss, businesses need to make sure that they have a strong cybersecurity system in place.  Additionally, employees should receive training on how to minimize exposure to online risks.  Finally, having the right cyber liability insurance to fall back on ensures that a cyberattack doesn’t completely derail your business.

These are some of the unexpected business risks that you need to watch out for.  Are you looking for ways to keep your company safe?  If so, then make sure you have the right commercial insurance in Los Angeles, California.  For assistance with all your business insurance needs, contact the experts at Fuller Insurance Agency in Southern California today.

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