Business Insurance and Risk Management
| 06 September 2009
Business Insurance and Risk Management
You may be having dreams of profits, but things can and do go wrong.
What if these things were to happen?
Someone involved with your business, or on your business property trips and or falls?
You or a worker ruin a piece of furniture you were to refinish.
Your selling a product, your own or not, and it fails and does damage to property, or even a person.
Your in photograpy and you manage to distroy or lose an irreplaceable photograph you were to restore.
An employee of yours drives over a septic system ruining it.
You are in for bigger problems than you may think at times.
How much trouble? The severity of the problem could depend on:
The amount, or the lack, of Business Insurance.
Your Business status (Corp, LLC, S-Corporation, Partnership, Sole Proprietor, ect.)
How your contracts are drawn up.
This is why you are better off getting at least two risk assessments from different agents.
Provide information, ask questions, be sure you try to cover all bases.
Be sure when getting a civil lawyer you use the same procedure, ask for estimates of costs for various services.
You also face the risk of loss due to theft of your equipment and supplies.
Your business could be damaged by fire, flood, loss of heating, and other unforeseen events.
Liability does not stop with obvious things like accidents. If you are operating a business, you face liability for injuries and losses caused by your services and products and for errors and omissions or negligence in advisory and consultative
services.
So be ready for Murphy's law "Anything that can go wrong will go wrong."
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