Insurance protects you from risks. When you’re in business, it’s important to have a risk management plan that includes business insurance to reduce your financial liabilities. Here are a few of the risks your business faces and how insurance can help you.

Personal injury

If you or a staff member are injured and can’t work, what will happen to your business while you’re gone? You may also need to take care of medical bills. It’s a big risk if one of your workers gets hurt or comes back to claim that they were injured due to hazards of your work. Even office workers can get injured on the job.

Legal liability

You and your employees aren’t the only ones who can be injured on your property. Clients, vendors and customers could be in an accident while they’re at your place of business. Who could be held responsible? Yes, it’s your business. Even if ultimately you’re found not to be at fault, the cost of defending yourself is prohibitive without business insurance.

Theft – Internal and External

In retail, loss of product is called shrink. Sometimes, it occurs through no fault of your own. Product is damaged. Things are stolen. Employees walk off with items. You need safety and security measures to prevent damage and loss, which ultimately hurt your bottom line.

Major events

There’s no way to predict when a fire could start or when a tornado could rip through your town. If your business is shut down due to a traumatic and life-changing event, business insurance can help you put your business back together. You can even get a policy that will help you relocate temporarily.


Cybersecurity is something you have to think about, especially when you take credit cards or have private information on your customers. Don’t think that because you’re a small business that you aren’t at risk for hackers.

Talk to the financial experts with Monstera Lending Group about financing for your business.