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January 29, 2025
Agency

Common Small Business Risks and How Commercial Insurance Can Help

Owning and operating a small business can be an exciting and rewarding venture. However, despite your best efforts and responsible management, something may eventually go wrong. Many unforeseen incidents can be difficult or even impossible to avoid, making ample risk management and loss control planning essential. Fortunately, you can secure your small business’s finances and future by understanding common risks and exposures and addressing them with suitable insurance.

What Is Commercial Insurance?

Commercial insurance refers to the various policies and coverages needed by businesses. Given the significant variance in companies’ coverage needs, commercial insurance is not generally sold as a named product. Instead, your small business can work with a qualified and knowledgeable professional, such as the team members at Insurance Associates, to assess your risks and exposures and secure an appropriate combination of policies.

How Can Different Types of Insurance Address Common Risks?

While there are many different risks and exposures that small businesses might need to consider, several common types of incidents may transcend industry lines and other unique characteristics as threats. Think about the following potential issues and how forms of coverage may assist with resulting losses:

  • Third-party injuries and property damage—General liability insurance can be critical if a customer, guest or other third party is harmed by an accident for which your small business is at fault.
  • Company property losses—Your business’s tangible assets, such as its building and equipment, also require financial protection. That’s where commercial property insurance and, if you plan to move property off-site, inland marine insurance can be valuable investments.
  • Employee ailments—Workers’ compensation insurance is often legally required and can assist with costs and losses if your employees are injured on the job or develop work-related illnesses.
  • Cyber incidents—Cyberattacks and data breaches have become prominent threats in the digital age, necessitating investment in cyber liability insurance.
  • Operational disruptions—Small businesses depend on consistent functionality and reliable timelines. If an accident or other incident delays or interrupts normal operations, business interruption insurance can offer critical aid for lost revenue and ongoing bills.
  • Vehicle accidents—Businesses in many sectors rely on cars, trucks, vans and other vehicles. Commercial auto insurance is likely required for these companies and can establish critical financial protection from accidents and other automobile-related losses.

We’re Here to Help

Contact Insurance Associates in Middletown, Ohio, today to learn more about commercial insurance and ensure your small business has the right coverage.

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 

Categories: Blog, Commercial Insurance

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