Running a small business means exposing yourself to a certain amount of risk. You need safeguards in place to handle the fallout should problems occur. Although some pitfalls and challenges can’t be avoided, they can be mitigated with the proper precautions, planning, and insurance coverage. Below, insurance and legal experts detail today’s biggest insurance risks for business owners and what you can do to protect yourself against them.
What is insurance risk?
Insurance risk refers to the possibility of something going wrong that would expose your business – or the insurer – to financial damages. Business risk and insurance risk often overlap. By fully understanding the different types of business risk, you can better understand insurance risk and thus how insurance can protect your business from serious problems.
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