Business Interruption Insurance (BII), which is intended to compensate the company for income lost in the event physical damage renders it inoperable for a period of time, can provide so much value in so many ways.
As a business owner, you may think you are prepared for anything that comes your way. However, sometimes events can transpire that can leave you caught off guard, even with most careful preparations. Here are six scenarios you need to consider when planning for the worst.
While it’s true that some businesses are inherently riskier than others, all business owners (including freelancers) should be familiar with potential liability issues and what they can do to minimize the risk.
While many business owners take the time to protect themselves and their businesses from outside risks, these are not actually the largest risks you face. In most cases, you are far more likely to be sued by an employee than an outsider.
Being hit by a natural disaster (tornado) and man-made disaster (fire) within a two month period will get you thinking about crisis readiness! Having survived the aforementioned events without more real pain than insurance company and contractor frustration, I am quite aware of how much worse things could have been for our family and for my business.
Many risks that your business faces are directed at your company’s actions. However, there are other dangers that apply specifically to individuals and their actions. Directors and Officers Liability Insurance (D&O) protects your company’s CEO, COO, CFO, and other corporate officers and outside directors.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.