A big part of protecting your business is having the right business insurance. Many small to medium-sized businesses enjoy a business owner protection plan, or BOP.
You should talk to your agent about the type of business you run. Discuss all the assets that make your business possible. Then, talk about risks. Risks are what increase your premium costs. And, in some cases, you can reduce those risks. Doing so could help to reduce how much you pay for a BOP in the long term. How can you do this?
Minimize Risks to Guest Injuries
A good place to start is guest or customer injury prevention. Take steps to reduce these risks by investing in a comprehensive audit of the building. Also take into account any customer access points. Look at:
- Trip or fall risks, such as around stairs or in restrooms
- Areas where the floor is wet
- Areas where items, such as packages, can fall
- Risks related to injury from touching hot items
- Warnings for areas that could be a hazard for children
Your agent can help you to locate these risks and gives you steps to minimize further threats.
Protect Your Assets
Another key concern for most business owners is risks to property. Adding ways to protect it can be essential to minimizing your costs.
- Protect inventory and theft risks with surveillance systems and cameras.
- Add protections for fire and water damage.
- Invest in proper maintenance of the building structure to reduce mold risks.
- Ensure all equipment gets ongoing maintenance. Use it according to the manufacturer’s recommendations.
- Invest in solutions for protecting computer systems. Add cyber security measures.
Address Other Concerns
Talk to your business insurance agent about other key risk areas associated with your company and the way you manage it.
- Invest in safety training for employees to minimize injuries on the job.
- Consider commercial auto insurance claims. Be sure to add security to these systems as well.
- Look for solutions for managing product liability concerns if these arise. Quality assurance measures can be helpful.
- Be proactive in planning for weather events. For example, keep trees trimmed so that limbs won't fall on and damage the roof.
- Conduct a full property audit to look for areas of concern related to the actual structure.
Each of these steps is critical in keeping your business safe. It is also important as a way to reduce the costs you pay for a BOP. Most often, reduced claims are something insurers like to see, too. They will help you pinpoint concerning areas.
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