There are over 30 million small businesses in the United States, and even during uncertain times like the COVID-19 pandemic we’re experiencing now, many of those businesses continue to operate. However, the pandemic is a sobering reminder to us all that the unexpected can happen. If we are not prepared for it, the consequences can be severe.
Running a business means making investments, but it also means having contingencies in place to protect or recover investments when the unexpected happens. Commercial insurance is one of those ways that you can give yourself some peace of mind as well as have recovery mechanisms in place. But there are many different aspects to a business that can be insured. Here are a few of the areas you can look at.
Depending on your line of work, you may need to consider providing some kind of protection to your employees on the job. An employee in an office is comparatively safe, but trade workers doing renovation or construction work, for example, are exposed to a significantly higher level of physical risk daily.
Employee insurance can be invaluable in helping both businesses and valued employees recover from unforeseen accidents. As always, the line of work determines whether this is an appropriate form of coverage.
On the flip side of the equation, sometimes, even with the most meticulous hiring practices, unethical employees can get through your screening and deliberately harm your business. Theft, fraud, and other crimes can hurt your revenue, but with the right commercial insurance, you can have protection against this kind of event.
Whether it’s the computers in an office or the ventilator for a welding workshop, some equipment is essential for the operation of a company. If there is anything outside your control that damages that equipment, such as a disaster, or even a building failure, like a gas leak causing an explosion, this insurance will cover your equipment.
If you own the building that your business is based in, you’ll want to look into property insurance, just like for your home. In the event of unexpected disasters such as flooding, a tornado, or other extreme events that can cause damage, commercial property insurance will step in to help, just as home insurance would.
We now live in a world where data is incredibly valuable, but it is also vulnerable to spying, theft, destruction, and even “data hostage” situations where access is locked out until a ransom is paid. If you have data that is vital to your business, digital or cybercrime insurance provides an extra level of protection if your security is compromised and your data is vulnerable to attack.
There are plenty of decisions to be made when it comes to selecting commercial insurance coverage, but we can help. Contact Panorama Insurance Agency, and we can look at your business operations and find out what forms of coverage will give you the protection you need to operate with more peace of mind.