What is the biggest threat to small businesses? No matter what your company may sell or provide to customers, there’s a chance you’re facing one or more common small business threats. Fortunately, in addition to securing basic Business Insurance, there are easy steps you can take today to keep your business, your employees, and yourself as safe as possible from these frequent dangers. From computer and cybersecurity issues to unexpected income loss and more, here are the largest threats to small business owners that you need to be aware of.
Cybersecurity Problems, Company Computer Hacks, and Data Breaches
Unfortunately, in an interconnected world, many small businesses are at risk of cybersecurity issues. If your business uses any sort of professional software, digital point-of-sale system, or other computer technology, you could be vulnerable. Common cybersecurity problems include computer hacks and more. To protect yourself, try learning about the most common risks and providing training courses so your employees can spot suspicious signs. Remind your employees to watch out for and report:
- Email phishing attempts
- Computer system hacking
- Data breaches of sensitive employee data
- Malware, ransomware, and artificial intelligence hacks
- Weak computer passwords
Lack of Crucial Business Insurance To Cover Liabilities and Losses
No matter your industry, there’s a chance your business is facing several professional liabilities. Unfortunately, not having enough insurance, or not having the right type of insurance, in place can leave your business vulnerable to taking serious losses, both financially and, perhaps, legally. Fortunately, there’s a simple solution to this problem. You can make sure your business is as protected as possible by securing policies that include:
- Commercial property insurance
- Cyber insurance
- General liability insurance
- Professional and product liability insurance
- Workers’ compensation insurance
- Bodily injury coverage
- Business income insurance
Unexpected Business Interruption and Resulting Income Loss
Even for the best-prepared of companies, unexpected events can throw plans out of whack. From natural disasters to sudden vandalism or theft, there are several types of common events that may lead to unexpected business interruption and, as a result, potential income loss. In order to minimize the impact of this scenario, you may need to:
- Secure necessary insurance for natural disasters in case your business is eventually affected by an unexpected weather event
- Plan for a backup business location that you can move to temporarily
- Start an online website to continue sales even in the event of physical business interruption
- Consider purchasing business income insurance to minimize income loss
As the owner of a small business, you may face any number of frequent threats to yourself, your employees, and your company on a daily basis. Even with extensive Business Insurance at the ready, it’s still helpful to be prepared with basic knowledge about these threats. As you work on building up your company and strengthening its future, make sure to keep a sharp eye out at all times for dangers such as cybersecurity breaches, common liabilities, and unexpected business interruption.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
