Assessing Business Risks

People and things in any place of business are subject to risk. Look around your workplace and brainstorm to identify situations that could result in damage, injury, or loss as you and your employees perform your duties. After you determine your risk level, ask yourself a few questions:

• What is covered under my current insurance policies and what is not?
• Could I pay all my business expenses if a prolonged shutdown was necessary?
• Does my insurance cover getting my company back into operation and replacing my assets?

Business owners can draw on many existing resources to determine how much insurance coverage they need, including information from the Occupational Safety and Health Administration (OSHA) and the Small Business Administration (SBA). Dedicate the time today to properly insure your business and save yourself money in the future.