THURSDAY, APRIL 2, 2015
 Every single business faces risks on a daily business. Yes, some businesses — like construction companies — face risks more often than others, but even quiet office environments have their share of risks. Unfortunately, these risks can eat away at your business' budget if you're not equipped with the appropriate coverage. Let's take a look at four of the most common risks for business owners and what you can do to minimize them.
- Property damage: If a tornado were to rip through your workplace or if a burglar was to tear apart your office, would your business be able to make the necessary repairs? Similar losses can place a heavy financial burden on a business, especially one that runs on a tight budget. Additionally, if you have to temporarily close the doors to make repairs, you could face income loss as well. Commercial property insurance covers damage to business property, so you can rest assured knowing that repair funds are available. You may also wish to consider business interruption insurance to protect your income flow.
- Liability risks: If any harm comes to customers or visitors on your business' property or as a result of your staff's actions, you're responsible to pay for the damages. These damages often include medical expenses, lost wages, property replacement and/or pain and suffering. Commercial liability insurance can step in and cover these costs if a third party makes such a claim.
- Cybercrime: With the increasingly digital nature of business, the chance of a cyber-attack is higher than you might think. Not only does it put your equipment at risk, but it may also put your customers at risk if your business stores sensitive information (like credit card numbers). There are a number of firewalls and other electronic protections you can install to secure your data with the help of an IT professional. Additionally, cyber liability insurance helps cover the costs if a cyber-attack does occur.
- Fraud: In most cases, employees are respectful of their employers and the sensitive data they have access to. But, there's always the chance for internal fraud and embezzlement. While this scenario is not as common as the previous three, there are insurance policies to cover similar losses. Your independent insurance agent can help you determine the appropriate coverage.
Learn more today. Call First Independent - Descamps Insurance Agency at (586) 247-2220 for more information on Sterling Heights business insurance.
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