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Simple Questions to Help Assess Your Business Risk

from Robert Bell Insurance Brokers
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by Michael Bell on Jun 14, 2016

Business Insurance Update

Business insurance is designed to protect your business operations from potential loss. However, in order to protect your business with the best combination of coverage, price, and service, you need to understand what business risks you have.  Then we can design a business insurance program to meet your needs.  If, and when, risk becomes reality, a well-prepared business insurance program can help mitigate the impact. Dollars lost, lost time, productivity, and the negative impact on customers can be minimized.

Here are a few questions that can help assess your business insurance needs.  Remember these questions are only a start.  Call us today for more information.

Location Risks

  • What are your top risks facing your building and operations?
  • Do you have a risk for flood or earthquake?
  • Do you have unique machinery or tools that require special insurance?
  • Are customers allowed on your premises?  If so, what are the potential hazards?
  • What might happen if you had to shut down operations for 60 or 90 days?

Human Risks

  • Are you complying with all state and federal laws regarding your employees?
  • Do you have a comprehensive safety program?

There may be other areas such as financial and cyber risks that we will address in later articles.  After the risks have been identified, they must be prioritized in accordance with your assessment of their probability.  Establish a probability scale for purposes of risk assessment.

 For example, risks may be:

  • Very likely to occur
  • Some chance of occurring
  • Little to no chance of occurrence

Determine Treatment Methods

It may be that the best treatment is found in business insurance. However, there may be other methods such as contractual transfer.  We can help you through the process.

Robert Bell Insurance Brokers offers the business insurance products you need. Our professional agents will consult with you on the coverage and premiums that meet your specific needs. Feel free toget in touch or get a quote today.

 



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