Common risks to small business

There are many rewards to owning your own business, but with reward, comes risk.

In order to protect your business it is important to identify the risks that you may face, and working with an experienced broker to identify these risks, is the way to go.

Here are three commonly overlooked risks that you may consider discussing with your broker:

Loss of Income or Profit (Cover follows an insured “peril” such as a fire of a storm)

Apart from loss of or damage to physical assets, the consequences of such loss or damage need to be considered, for example a loss of profit following a reduction in turnover and increased costs following damage (paying for additional rent at temporary premises . etc)

additional Rent etc.)

Staff Injuries

Most businesses have COID (Compensation for Occupational Injury and Disease) cover; however, it is prudent to consider complementing this with Group Personal Accident Cover. By introducing this cover, you can protect your employees against the costs associated with unexpected injuries and illness.

Commercial Crime

Theft by your employees is often not picked up in time to avert major financial losses over a period of time.

By taking up this cover, you can protect the sustainability of your business.