Top 3 Threats Facing All Small Businesses

Top 3 Threats Facing All Small Businesses

Small businesses owners need to be extra careful when it comes to the safety of their new and small, small business.

Entrepreneurs can only be successful if they have optimism on their side. It’s the fuel that drives the entrepreneurial spirit, which is why most small business owners consider themselves to be just that. Too much optimism, however, can get a small business owner into trouble. A small business built on best case scenarios is like a giant house of cards: one gust of wind and the entire thing comes crashing down. Here are the top three threats that face all small businesses.

  1. Business Interruption

The U.S. Department of Labor estimates that more than 40 percent of all businesses that suffer a fire or flood never reopen. Is your business prepared to weather the storm if disaster strikes? The reason being that your business is forced to cease operations and your cash flow is completely cut-off. With business interruption coverage, you don’t have to suffer through this. You can continue your stream of income even if your business has to stop production.

  1. Liability Losses

No matter how well you plan, running a business is fraught with unexpected surprises—the only way to completely avoid liability is to shroud your entire business and employees with bubble wrap. If you think it this is a ridiculous idea, or not cost-effective, you’re right. In this society in which suing seems to be most people’s answer to everything, purchasing a liability insurance policy is something you can’t do without.

  1. Environmental Exposures

When you think of environmental exposures, you probably think of earthquakes or other natural disasters. In fact, these have nothing to do with nature. More on the effect that your business has on the environment. You have to follow a certain code when it comes to pollutants—especially in the fragile state the Earth finds itself now due to climate change. Should you break the law in exhaust, you could face a hefty lawsuit.

For help acquiring the right business insurance for your business, contact the independent insurance professionals at Risk Management LLC in Brookfield, Wisconsin.

  • Risk Management assisted me in determining the best insurance coverage to match my business’ risks. Not only did their professional staff spend ample time meeting with me to understand my business, but they continue to follow up with a phone call on a regular basis. I’d consider each of the members on the Risk Management team a true asset in my corner, as they assist to resolve complex insurance issues including GL, Med-pay, business interruption, unemployment insurance, and most importantly, claims management. Their ongoing research in the insurance industry allows my rates and coverage’s to be best in in class, which helps me to remain competitive in my industry.

    -Steve, S. former owner of Helium Trampoline Park

  • “When we want develop partnerships with vendors, the deciding factor is always based on a single question…Do they pick up their phone? At Risk Management, they pick up their phone. In the indoor trampoline park industry, we have dealt with several insurance agencies that were always more concerned about their commission, not building a business relationship or serving our needs. On more than one occasion, Risk Management has stepped in and helped us with carrier/policies issues that the incumbent agencies had dropped the ball on. There was no financial reward for Risk Management in these situations, they see a problem and help fix it. They just do business the right way. Steve Young and his team at Risk Management represent us, not the carrier. We highly recommend Risk Management.”

    -Mark M. Operations Manager,CEO Fun Palace Place

Address: 21420 W. Greenfield Ave Ste 100
New Berlin, WI 53146
(262) 785-8930
Toll Free: (888) 857-5144
Fax: 1 (800) 424-3955
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