Evaluate Operational Risks: Key to Protecting Your Business

Right Commercial Insurance – Evaluate Operational Risks

Understand Your Business Risks When Rosa and Camila first opened their businesses, they did not anticipate the operational risks involved in daily activities. Understanding the importance of the right commercial insurance can make all the difference in protecting your business.

Rosa had dreamed since childhood of owning a bakery where she could showcase her baking talents using her grandmother’s recipes. Similarly, Camila aimed to run an auto parts store with a repair shop.

Unexpected Challenges Both entrepreneurs started with a dozen employees, innovative ideas, and modern premises that radiated efficiency. However, running a business involves numerous risks, such as fraud, internal theft, employee safety issues, cyberattacks, system failures, and product defects. These challenges can cause financial losses and, even worse, damage a company’s reputation.

Lessons Learned the Hard Way One day, an employee in Rosa’s business had an accident while delivering products. When she filed an insurance claim, Rosa was shocked to learn that her policy wouldn’t cover the damage because the vehicle was insured only under a personal auto policy. This experience highlighted the importance of having the right commercial insurance coverage.

In Camila’s case, her financial records were off. Income never covered expenses, rent, or salaries, despite her store being full. Eventually, she discovered that two employees had devised a scheme to take half of the daily revenue. They were fired immediately. If Camila had had crime insurance, it would have covered these losses. Now, she faces a costly legal battle.

Mitigate Risks with the Right Commercial Insurance To manage these risks, businesses need the right commercial insurance coverage. Essential policies include natural disaster coverage, health insurance for employees, employee dishonesty coverage, workers’ compensation, commercial vehicle insurance, errors and omissions insurance, professional liability insurance, and cyber insurance.

Comprehensive Protection for Your Business Creating a comprehensive commercial insurance package is key to preparing for potential risks. Univista Insurance offers tailored solutions to help you avoid costly mistakes and protect your business from financial and reputational damage.

Call us today for a full rating! 305-985-4126. You can also quote for free here.