Help Safeguard Your Small Business Today

Help Safeguard Your Small Business Today https://learningcentre.statefarm.ca/insurance/business/help-safeguard-your-small-business-today/ bb3 Jan 24, 2014

By Staff Writer

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When fire, theft, bodily injury, vandalism or any other peril occurs in your business, the losses can be significant. Taking a proactive approach by properly protecting your business now can help prevent costly headaches later.

“Risk management plays a role in all facets of business, from reducing risk and cost, to minimizing your chances of having to file a claim for a loss,” says Pete Karageorgos, manager of consumer and industry relations, Ontario, Insurance Bureau of Canada.

“Some people may think the cost of insurance is prohibitive, but the losses typically outweigh the premium,” says Karageorgos. “It’s important to recognize this and factor insurance as part of your operational costs to help your business succeed.”

These three things can help you protect your investment.

Build a relationship with your insurance agent. Make sure your insurance representative fully understands your business and takes time to help you get the proper policy type and coverage amount. “Your agent should be dedicated to sitting down with you and covering your needs to put a plan in place that helps prevent losses and minimizes any disruption and impact that a loss might have,” says Karageorgos.

Monitor your coverage. What worked for you last year may not work for you this year. Conduct an annual review of your business’ insurance policy. “Sometimes people get busy and push this aside,” says Karageorgos. “But it should be a priority.”

Secure your business. Smart planning now can go a long way toward protecting your business. Assess possible risks and develop a loss prevention plan to help ward off surprises. “Minimizing potential losses due to theft and other events such as water or fire damage should be top of mind for small business owners,” says Karageorgos. Your to-do list may include:

  • Developing a computer network security system complete with data encryption and virus protection
  • Protecting your business from physical burglary with secured, heavy-duty doors and windows
  • Installing sprinklers, surge protection, burglar alarms and fire alarms

Get more ideas for securing your business from State Farm®. Contact a State Farm agent to learn more about small business insurance.

The information in this article was obtained from various sources. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. These suggestions are not a complete list of every loss control measure. The information is not intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. Nor is it intended to effect coverage under any policy. State Farm makes no guarantees of results from use of this information. We assume no liability in connection with the information nor the suggestions made.