Halloween is a time of celebration and superstition, with costume parties, jack-o'-lanterns, trick-or-treating, and horror films.
But there’s nothing superstitious about the many risks you face as a business owner.
You have plenty of real world goblins to worry about – risks that could potentially send your business to an early grave. And while there are many risks you can’t do much about – a struggling economy, political unrest, and changing government regulations to name a few – there are still plenty of potential demons you can ward off by having the right insurance coverage.
Below are five scary, but insurable risks for business owners:
1. Natural disasters. The last thing you need on a dark and stormy night is to have your business destroyed by fire, flood or wind. Make sure you have the appropriate commercial property coverage so you can repair or rebuild. Business interruption insurance can keep the cash flowing if you’re forced to shut down your operations for an extended period of time.
2. Injury to employees. If one of your employees suffers a serious injury on the job, you could be faced with a hair-raising workers’ compensation claim. Protect yourself with the right work comp insurance partner, a robust safety program, and proactive measures to control costs from pre-hire to return-to-work.
3. Owner disability. As a business owner, you’re the catalyst that makes everything happen. If you become disabled due to a serious injury or illness, your bottom line could quickly fall victim to the Grim Reaper. To avoid this terrifying fate, protect yourself with disability insurance.
4. Lawsuits. When your business is confronted with a wrongful termination, libel, slander, or sexual harassment lawsuit, the frightening specter of profit-eating legal costs can quickly become a reality. Make sure you’ve taken the time to secure specialized business liability insurance that address your exposures.
5. Cyber liability. Your business faces threats every day from monsters you’ll never see – cyber criminals. If you collect private data such as email addresses, birthdays, and Social Security numbers from your customers or employees, your company is vulnerable to data breaches. And if a beach occurs, it could stir up a cauldron of costly problems. Safeguard your business with a cyber liability policy and keep your profits from vanishing into the mist.
Protecting your business doesn’t require a lot of hocus pocus and magic potions. It requires solid planning and the right insurance. When you partner with Heffernan Insurance, we’ll make sure you have the appropriate coverage to guard against the risks that go bump in the night.
Happy Halloween from your friends at Heffernan Insurance Brokers!