Understand your risk exposure

Insurance is a critical component of your business’s Risk management strategy When determining which policies you need, the first step is assessing and understanding your business’s risk exposure. For example, a financial consultant may require more professional liability insurance than a landscaping company, which may require more commercial general liability insurance than an online company storing confidential information (cyber liability), etc.

To understand your risk exposure, research claims, and risks common to your industry and use those as a baseline. This process is also an opportunity to reduce your risk exposure and see if there are areas to protect your business (i.e., encryption, security services) and ultimately reduce your premium. Speak with your broker about identifying and implementing risk management solutions for your business.