By: Brian Smith
A few weeks ago, I blogged about things you need to start doing today to protect your small business. After all, it’s your livelihood; your passion. But there’s more. There are some less obvious, yet no less important, things you should be doing to ensure you remain open for business should something unexpected occur.
Perhaps you’re in business with a partner, leveraging your strengths in different areas to form one solid company. Or maybe you have found just the right small team of employees that fit your team like family. Without these key human resources, you may be in serious trouble. Here’s how you can help stay protected:
• Key Person Losses: Would you be able to stay in business as-is, uninterrupted, if you lost a key employee due to unexpected death or injury? Would your revenue stream or customer satisfaction suffer? Key Person Insurance is there to provide financial stability in a stressful situation like this, so you can cover for the financial loss of an employee or hire a temporary replacement.
• Injuries to Employees: Are you aware of your obligations should an employee become injured or ill during the course of employment? Workplace accidents can have an extreme impact on a small business – from initial treatment costs to an increase on insurance premiums. You can help protect yourself by promoting safety and ensuring appropriate pre-and post-accident measures are in place, leading to long-term savings opportunities.
• Employment Practices: Google “employee lawsuit statistics” and you may find yourself in a bit of a panic. Small businesses are actually quite vulnerable to lawsuits from prospective, current or former employees – with one study showing three out of five employers will be sued. Although many lawsuits are without merit, they still cost money to defend and could do reputational damage to your small business. Employment Practices Liability insurance can help protect your company against wrongful termination, discrimination, or sexual harassment lawsuits.
This may be a little overwhelming – it’s a lot to think about, and the risks your company faces may be very scary. That’s ok. That’s why we’re here – to make you as successful as possible by protecting your business. We’re your small business insurance experts – taking the fear out of “insurance” so you can focus on your business.