Whether you’re launching a start-up or adding the 500th employee to payroll, your business is continuously exposed to risk.
And while risk and uncertainty can’t be avoided entirely, you can plan for and reduce their potential impacts to your business.
Forward-thinking business owners recognize that reducing risk not only protects their company, but also their employees, families, and livelihood.
A business insurance policy safeguards your business from losses (usually financial) as a result of risks that can occur during day-to-day business.
Depending on what your business does, risks can include physical accidents, theft, damage to equipment, lawsuits, and even natural disasters. Business insurance is more complex than other types of insurance as it may cover:
Because risk is so broad, there is no one-size-fits-all business insurance policy. Rather, you should work with an insurance broker to identify your unique business risks for a customized policy.
Business risks can be broken down into four areas:
Think big picture about risk and don’t focus too much on every little risk. Your broker’s job is to guide you to the areas of your business that you should focus your attention on when identifying risks.
A good insurance broker should take time to understand your needs and should ask key questions such as:
Ideally, your broker will be familiar with your business and should provide cost-effective insurance solutions for managing risk.
The insurance policy you choose will depend on your business model and unique needs. With their broad scope of expertise, your broker will be able to communicate the technical information of potential policy options clearly.
A broker isn’t just a salesperson, they’re a trusted partner is risk management – contact an AP insurance broker today to learn more about business insurance.