As a business owner, you do everything you can to promote and build your business, but do you ask yourself often enough how well you protect your business? Accidents and emergencies are unpredictable by nature, but if you’re prepared, and the worst does happen, it won’t threaten the long-term health of your business. Take time now to assess the greatest risks facing your business and how well you’re prepared to deal with them should they come to pass.
To determine potential for fire damage, first find every place in your office or building that could be an ignition risk. This might include power centers, fan motors, or belt rollers. Once these are found, assess the severity of the hazard for each potential ignition source, the probability that this hazard would result in fire; and the severity it would have on your business if ignition did occur. Be sure to continuously access your fire risk, especially when anything changes in your location, such as electrical maintenance or added workspaces. New hazards could present themselves at any time.
Is your business in a place that experiences a lot of weather? Tornadoes, hurricanes, and tropical storms are important risks to keep in mind, as well as seemingly harmless weather events like snow or rain. If severe weather is a common occurrence in your area, weather damage insurance may be worth the investment. If your office floods after a severe rainstorm, hail breaks a window, or a hurricane damages your building, you’ll be glad you planned ahead.
Locations unoccupied for long periods of time—such as a church that’s only in use on Sundays, or a school or office unoccupied overnight—benefit from vandalism protection. The more well known a place is for being unoccupied, the more likely it will become a target for vandalism.
Businesses purchasing weather and vandalism protection should also buy coverage for loss or damage of business property. This can range from property destroyed or damaged by fire or weather to stolen or vandalized property.
Personal Injury Liability
Liability insurance is very important for a business that requires physical activity such as lifting heavy boxes, cutting items with knives or saws, or working with heavy machinery or power tools. Businesses whose customers engage in physical activity on the property—such as a swim club, gym, or amusement park—should also make sure to have personal injury liability insurance.
It’s easy to downplay your risk, but preparing for the worst is a vital step in protecting your business from surprises. Contact Freedom Insurance Agency at 410-795-2000 for a free quote today.