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July 5, 2023

3 Business Risks and How to Protect Yourself

Running a business goes hand in hand with various risks. While there are things you can do to minimize those risks, they always exist. In this article, we discuss three of the most common business risks and what you can do to prevent them from affecting your livelihood. 

1. Property 

Storms and natural disasters can cause massive destruction to your business’ building, while thieves and vandals can steal and damage smaller amounts of business property. Burst pipes or failed equipment can cause flooding and other damages as well. You can minimize the risk of property damage by keeping the building(s) well maintained and up to code, beefing up your security measures (alarm system, outdoor lighting, electronic ID cards etc.) and purchasing commercial property insurance for protection if an incident does occur. a close up of a sign

2. Liability 

These days, people can sue a business for nearly any reason, from injuries on the property to copyright infringement. Some of these lawsuits are grounded and justified, while others are completely frivolous and filed by people who are merely fishing for free money. You can minimize the risk of liability claims by operating legally and ethically, testing products for safety before sale, keeping a tidy, well-maintained workplace, buying rights before using others’ work and purchasing commercial liability insurance to help cover legal expenses if a claim is made against your business. 

3. Reputation 

Keeping an eye on your business’ reputation is more important than ever these days because social media makes it very easy for one unhappy customer to tell the world about their unsatisfying experience with your business. You can minimize the risk of a marred reputation by closely monitoring online activity that references your business, addressing complaints and offering the customer a prompt resolution, instating superior customer service standards and even working with a PR firm if the need arises. 

Tags: BOP, business, commercial, insurance, owners, policy

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