Insureon Blog

4 Risks Less Sexy than Cyber Security that Matter More to Your Business

3. October 2016 08:44

office in disarray

We get it. Cybercrime puts you on edge. Unknown entities tapping into your customer data? That's freaky. And defending your business against these breaches is getting harder by the day.

Naturally, we'll discuss plenty of data breach risk management tips this National Cyber Security Awareness Month.

At the same time, data breaches aren't the only thing that put your business at risk. In fact, they aren't even in the top 10 most costly or common small business insurance claims. But these four risks are.

1. Burglary & Theft

Burglary and theft may seem a little sexy when it's happening in a heist movie. However, all the sexiness disappears if you're the person who gets ripped off.

If you have a brick-and-mortar store, hopefully you've invested in Commercial Property Insurance. But all the insurance in the world can't stop a break-in. That's why you might also want to:

Pro tip: David Narayan from A Secure Life (@ASecureLife) says you should use the security system that makes sense for how your business operates.

"Sometimes, going simple is just as easy as going high-tech," he says. "A door with shatter-proof sensors and double floor bolts works just as well as any digital lock."

2. Customer Injuries

A customer tripping over a power cord doesn't seem like a big deal, but a bad fall can mean medical bills and lost wages for the injured person. Those costs may fall to you if their accident is your fault. To minimize the chance of a customer slip and fall…

How you handle a slip-and-fall accident may be the deciding factor in whether or not the injured party sues you. According to Lawrence Buckfire, managing partner with Buckfire & Buckfire, P.C. (@BuckfireLaw), customers are more likely sue if the business owners appears indifferent to their injuries.

"You do not need to apologize, but just show that you care that a customer was injured on your property," he suggests.

Pro tip: Businesses with more foot traffic, like restaurants and retail stores, run a greater risk of customer slip-and-fall injuries and may need higher limits on their General Liability Insurance.

3. Fire

Fire is the only risk that earns a spot in the top five for both the most costly and most common small business insurance claims. So while restaurants and manufacturers may have the greatest risk, all business should take steps to prevent fires.

For example, you can…

Pro tip: Your location may also make you more vulnerable to fire. Check out the Zip Code Tool on the Insurance Institute for Business & Home Safety's homepage. Enter your zip code to see if your area has a history of wildfires and to learn how to protect your business.

4. Product Liability

Product liability woes aren't only for manufactures. Any business involved in bringing goods to consumers can be held responsible for their defects, including…

To keep your customers and your business safer…

Pro tip: Product Liability Insurance, which is usually included in General Liability policies, may not cover recalls. Talk to your agent to learn more.

Get more ideas for minimizing risk in "19 Tips to Prepare Your Business for the 10 Most Common Insurance Claims."


Data Breach | General Liability Insurance | Insurance News | Insurance Research | Product Liability | Property Insurance | Small Business | Small Business Risk Management | Tips for All Small Businesses

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