Wednesday, September 19, 2012

Business Risks

I remember when I saw the first advertisement Denise David ran in FAMILY Magazine.  I thought, what a great idea to run a short story for moms that has that “shared experience” feeling to it. Moms love to connect with other moms. Her ads have always been very interesting and thoughtful to me. 

Denise is just starting out building her client base. She is an expert for insurance for small business and I thought readers of my blog might benefit from some tips for business when it comes to protecting your property.  I hope you learn something from her tips, or perhaps they motivate you to check out your insurance coverage to make sure you have what you need to protect your business.

Business Insurance Tips from Denise David
For the business owner, there are many ways potential risk should be considered.
Some of the exposure a business experiences has to do with property. Property at risk includes the premises, any improvements made to it, the inventory and equipment all need to be insured. There is monetary risk associated with money or the loss of ability to make sales during a certain period due to a loss. These represent the more tangible types of risk a business owner faces, when making an insurance decision.

A business must also consider risk of injury. Business liability looks at many risks involving harm to someone who is affected by the business. This could be a customer, a competitor or even an employee. Liability coverage works to coverage any physical or emotional charge brought against a business. Making certain proper coverage is in place should a business be sued if someone is physically harmed while at the business location or charged with causing harm through advertising, failure to uphold terms of a contract or slanderous statements is another area of concern. Having worker’s compensation can protect should an employee be injured while on the job.

A wise business owner will also consider potential risk to their future profitability.  Putting provisions in place should a key employee or partner pass away is one way to protect the future profitability potential of the company. Having a policy with provision to hire, train and replace a partner or key position in a company is often one of the most overlooked insurance options. Planning wisely can prevent a devastating loss from permanently derailing the future of a company.

Business ownership presents many risks. Stability and the future success of the business will benefit by considering each of the “what if” scenarios and making the investment to ensure these common situations do not interfere with the profitability and longevity of the establishment.

Denise David, Agent 
State Farm Insurance and Financial Services Specialist
42882 Truro Parish Dr. Suite 209
Ashburn, VA 20148
Bus 571-291-2804   Fax 571-918-4667
Licensed: DC, Maryland & Virginia

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