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Is your business prepared for 2018? If not, you had better get ready because 2018 may be filled with many twists and turns that could affect your business. Last year we saw record storms, wildfires, economic difficulties, cyber breaches, sexual harassment claims, and more. All of these affected businesses throughout California. There is no reason to think that 2018 will be any different. In fact, 2018 might be even more volatile and that is why your business needs to be prepared to manage many different kinds of risks.
Here is a breakdown of your top business insurance risks for 2018, as well as some ideas to help you manage these risks. Business insurance is designed to protect you from the unknown events that may cause you financial loss. However, by implementing risk management best practices you are able to minimize these risks as best you can. Here are top business insurance and risk issues for 2018, not necessarily in any order:
There are a number of insurance and risk best practices that any business can use to address these risk issues. We provide these best practices as a starting point in the decision. We hope you might connect with us to help you identify how to develop a specific plan for your business.
There are two strategies that your business can utilize to limit harassment claims. First, develop a comprehensive set up employment policies and procedures. This should include a strict anti-harassment policy and clear reporting provisions. Second, purchase an employment practices liability policy. This kind of coverage can offer indemnification for actions relating to employee/employer relations for which you, the business, are held legally liable.
Cyber liability insurance can be purchased through your broker and is very competitively priced. A cyber policy can offer third-party breach and notification as well as provide any direct loss your business incurred because of a covered cyber breach. Your business can institute loss prevention techniques to help lower your risk. Some of these might include requiring employees to reset passwords on a regular basis, making sure your security software is up to date, developing guidelines for the protection of private client information, and ensuring that all HIPPA guidelines are followed.
One of the most common business disruptions is caused because of a fire or vandalism. Business interruption insurance is designed to cover the lost revenue as the result of a covered loss. Business Interruption insurance can cover the cost of ordinary payroll, cost to rent a temporary facility, and other related expenses.
Your business will need to create innovative strategies to attract and retain top talent. In order to accomplish this, your business should consider thinking out-of-the-box.
Leap/Carpenter/ Kemps Insurance Agency can help you manage these and other risks your business may have. Call our professionals today for a no-obligation business insurance review.
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Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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Merced Office
3187 Collins Drive
Merced, CA 95348
Phone: (209) 384-0727
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Fax: (209) 384-0401