There are significant events that can harm a business. And there is a wide variety of insurance coverage available to help mitigate those risks.
In a recent article, Business News Daily described some of the big business insurance risks, including cybersecurity, human capital and building costs, professional services and industry-specific risks.
Also discussed was business continuity in event of severe weather events, natural disasters and the like – an important consideration for businesses operating in hurricane-prone Florida.
Of course, insurance plays a big role in being prepared for property damage issues.
But, in addition to insurance that allows a company to rebuild after a loss, Gunster business litigation attorney Michael Freed told Business News Daily that company owners should consider business interruption insurance, which can help offset cash needs despite even temporarily halted business operations.
Freed also suggests a company assemble a team of advisers (including an attorney, accountant, insurance broker and banker) to best assess a particular business’ level of risk and what would be an effective amount of coverage. Each member of this team can offer a business valuable information about risk mitigation.
Read the article: 6 big business insurance risks (and how to mitigate them) (Business News Daily, 4/27/16)