Things That Cost Your Small Business Big

Small incidents can cost your business.  Having the right small business insurance can keep you protected.

Running a small business can be a stressful job.  There’s an overwhelming amount to keep track of, and things can fall through the cracks from time to time.  While some issues may not seem important in that moment, they can have a huge financial impact on a business.  It’s important that small business owners have the support they need, and small business insurance can offer the necessary assistance.  Read about some of the most common issues that can cost a business and learn how small business insurance can help.

Theft

While a missing pen or stapler may not seem like a huge issue, small businesses need to watch for theft.  Unlike big corporations, smaller companies cannot afford to replace inventory that has been stolen.  Therefore, it is important that small business owners keep careful watch over product inventory and the employees working with it.  Additionally, small business owners that handle much of their business online need to watch out for data theft.

A business owner is responsible for the losses due to theft, so it’s important that they have the necessary safeguards in place.  Crime insurance can help small business owners protect themselves from petty theft, burglary, extortion, and other criminal acts.

Legal Costs

A small business owner can expect legal expenses that come from licensing and certification fees.  However, they might not realize that small businesses are often targeted for lawsuits.  According to the National Federation of Independent Business, small businesses are targeted because they are more likely to settle.  Not only can legal issues result settlement expenses an attorney fees, but they also cost your business the time spent dealing with lawsuits.

The best way for small businesses to deal with these issues is to invest in general liability and employment practices liability insurance.  A general liability policy will cover claims filed by customers, employees, contractors, etc. that claim your business caused them injury.  An employment practices liability policy protects you against employee claims such as discrimination, harassment, and so on.

Small business owners should keep these risk in mind, and invest in small business insurance policies to keep their business safe.  Here at PMC Insurance Group, we offer policies to protect your clients’ small businesses.  To learn more about getting competitive coverage for your small business clients, contact us today.

Comments are closed.