Your business is more than just a means to support your family. It’s also your livelihood, your calling, and possibly one of the main things that keeps you going. For these reasons, you need to ensure that there’s a plan in place for any risks that your company may face. Updating your risk assessment every spring, as well as checking your insurance policies to make sure that they still meet your assessment’s needs, is the best way to ensure that your business is prepared for just about everything that it may face in the future.
What is a Business Risk Assessment?
To put it simply, a business risk assessment is exactly as it sounds: a time for you to sit down with your board, partner, or whoever else is involved in overseeing the business and planning in order to see what types of risks it may face. Once you’ve listed your risks, it’s time to put plans into place to mitigate them, should something happen. Potential risks could be anything from “what happens if our facility burns down” to “what if our intellectual property is stolen?”
What Types of Business Insurance Fall into the Purview of a Risk Assessment?
Although the insurance policies that your company chooses after doing a risk assessment can vary based on the type of business that you handle, there are some common ones that just about every business can benefit from. They include:
Cyber Insurance – These liability policies help should your company’s systems end up getting hacked. The policy can pay to help restore your business’ reputation, assist customers and clients with monitoring their credit, and hire an outside company or specialist to repair and secure your system.
Business Insurance – A BOP, or business owner’s policy, is a group of insurance plans that every business should have. They include building insurance, which takes care of your company’s physical location, and general liability, which helps pay for legal fees and other things should something go wrong on your property that the company is liable for. Umbrella liability insurance is often included in this as well. Raising your coverage amounts is something often done when undergoing a risk assessment.
Workers’ Compensation Insurance – You need to make sure that your employees are covered should one of them get injured on the job. This policy will pay for their medical bills, lost wages, and more. If you think that your business will be expanding in the coming year, it’s a good idea to increase this policy.
Need Help? Contact Spivey Insurance
Are you unsure of what types of insurance policies would benefit your business? Do you need to alter or increase your insurance coverage amounts? Do you have multiple questions about business insurance after completing your risk assessment? If so, contact Spivey Insurance. Our knowledgeable agents can answer all of your questions and get your company set up with the right coverage and policies that fit your business and protect your assets.
