Key Business Risks Needing Coverage

Opening a new business is hard work, and it incurs a lot of risks. Some are more dangerous than others, but they all have the potential to ruin a thriving business if not properly address. A qualified agent can recommend the right business insurance in Richmond, VA, and your policy may address the physical exposures related to your property, consumers, and employees. However, there are other risks your business may face.

1. Loss of Income

The economy can wreak havoc on your ability to turn a profit, and there may be unexpected situations that force your business to close temporarily. Business interruption insurance can stop the financial bleed the company may experience as a result of a covered act that is beyond its control.

2. Compliance

Depending on your area of industry, you may be faced with regulatory standards that are constantly changing. EPA, HIPPA, or OSHA are all common regulatory concerns for businesses of any nature, and getting cited for lack of compliance can be financially draining. There are many insurance options to address compliance issues small or large businesses face.

3. Security and Fraud

The prevalence of tech services and programs increases a company’s risk of cybersecurity threats. A hack or breach of the system is an expensive problem, but a well-crafted insurance policy can help.

There are many risks with business operations that insurance can help mitigate. Speak to an expert in the industry to determine which coverage is appropriate.

Top Telecommunication Installation Business Risks

Top Telecommunication Installation Business Risks

When it comes to telecommunication installation companies, it’s important to have adequate risk protection. This is where telecommunication installation companies insurance comes in handy. Here are some of the risks involved with telecommunication installation.

Office Damage

If your client sustains any damage to his or her office, you are liable. In some cases, a telecommunication contractor will not use firestop to plug holes and hence give the client’s office a lower fire-resistance rating. If anything the contractor does affects the value or safety of the office, insurance helps cover liability.

Office Fire

Fires happen. If an accident occurs where an office fire happens, your furniture and equipment may suffer damage. With the right insurance policy, you’ll have the coverage to make repairs and replace equipment.

Data Breach

If an installation tech helps a client set up data backup, lawsuits are possible. For instance, if a cloud provider ends up hacked, your client’s data might end up exposed and the client may sue. You might not have caused the breach, but you’re still liable for the vendors, software and services that you recommend.

There are plenty of risks involved in the telecommunication industry. Without telecommunication installation companies insurance, you are liable for anything that goes wrong. Every business needs a share of protection, including telecommunication companies.