If you’re a business owner, you need insurance. But how much and what type can vary greatly depending on your type of business, resources, assets and specific needs. So, what should you consider before purchasing a business policy? Here are some risks and coverages you will want to consider to find the right plan for you.

RISKS TO DATA AND CYBER SECURITY
Cyber predators prey on small- to mid-sized businesses that often have fewer resources for protection. Nearly every type of business today needs a cyber-liability policy to protect against attack and theft. If your company works with sensitive client data like taking payments via credit cards, you need to be protected in the case of a serious data breach. If your business relies heavily on technology for operations, you might consider broader cyber-insurance coverage in case a virus, ransom attack or other technological problem causes a substantial disruption to your business activity. There are a variety of plans you can customize for your business.

RISK OF BUSINESS INTERRUPTION
If your production or services must be suspended due to extreme weather, property damage, theft or a natural disaster, would your business survive the loss of income and the cost of repairing any damage? A comprehensive business policy will help your business to survive anything that comes your way.

EMPLOYEE-RELATED RISKS
Most businesses are required by federal and state law to have workers’ compensation, disability and unemployment insurance to protect their employees. Make sure you understand the specific requirements for your type of business. And it’s a good time to discuss optional coverages to give you peace of mind at night as an employer.

RISKS TO PROPERTY
Property can include the location and building you operate out of as well as equipment and product. Different types of coverage will cover damage or loss to your property for a variety of reasons.

LIABILITY RISKS
Even if you’re just running a small business out of your own home, it’s important to have some type of liability coverage. If you, your products or services cause harm or injury, or if a client simply gets injured on your property, liability coverage will help to pay costs associated with that damage. For small businesses, there are other specific types of liability coverage (professional liability and product liability, for example) that may make sense.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Magazine Inc. For more information or to report news email staff@tcbusiness.com

KATHY POST

Owner and CEO of Post Insurance in Port St. Lucie. She has been with the company since she was a child when it was founded in 1979 by her father, Bob Post.