Even Small Businesses Have Big Risks

bigstock-Risk-Management-9064033Many think that operating a small business has little or no risk. The fact is, operating a small business has just about the same risks as any other business.  Employees can still sue you, you can cause injuries to your customers, and your building can burn just like a big business.  General liability risk is very real for small businesses and it is important to have a business insurance program that addresses these issues.

To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs.

Commercial General Liability Insurance covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.

Product Liability Insurance covers legal fees for litigation involving a faulty product.  It also covers any personal or property damage charges caused by the defective product.

Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees.  It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability Insurance pays for damages caused by services.  It is also called errors and omissions coverage. This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.

Cyber Liability Insurance covers the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology.  It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

There are other types of insurance designed for specialty businesses. For example, there are special policies for companies involved only in internet sales.  The nature of the business determines what type of coverage is necessary.

Watch Out For The Kids…. Back To School Safety Tips

bus-1319360_1920Personal Insurance and Safety Update

Summer vacation is over and a new school year has started. We will soon start to see the signs of back to school time, including more school busses on the road, and back to school displays in the stores.  Now is the time to start thinking about keeping your child safe.  This is particularly true for kids going to school for the first time, or going to a new school.

Make sure your children know their home phone number, address, how to get in touch with their parents at work, how to get in touch with another trusted adult, and how to dial 9-1-1.

Remind your child not to walk, run, or ride his bicycle down railroad tracks. It’s illegal and dangerous.

Teach children not to talk to strangers or accept rides from someone they don’t know.

If your children walk to school, complete the walk a few times with them.

Make sure that your teen driver understands and obeys all traffic laws.

Bright colored clothing will make your child more visible to drivers.

Bike riders should always wear a helmet.

Children should always board and exit the bus at designated locations that provide safe access to the bus or to the school building.

Are You Driving In A School Zone?

In a school zone when flashers are blinking, stop and yield to pedestrians crossing the crosswalk or intersection.

Obey school zone speed limits.

Watch for kids crossing the streets.

Never text and drive.

Never pass a vehicle stopped for pedestrians

Follow all laws pertaining to school buses.

Sources; American Red Cross, D.A.R.E. and National Safety Council