Six Reasons Corporate Business Insurance

Risk is a natural part of your business. That’s why business insurance exists to protect against accidents. The modern world becomes more complex, though the threat to your business increases in size and scope. But insurance covers more than accidents and property damage. Here are the top reasons why you need to consider insurance for your business.

You Want To Protect Your Employees.

Every business must protect its customers and workers. Workplace safety is a core part of your business if you work in construction, manufacturing or logistics. But operations like restaurants and retailers need to make their workers safe, too. Insurance provides more than financial protection in the case of an accident. The right insurance company will help your business assess the risks. They’ll also give you the advice you need to prevent accidents before they happen.

You Want Protection Against Natural Disasters.

More hurricanes, floods and other natural disasters occur each year. According to Reuters, flooding in the United States alone caused $17 Billion in property damage each year between 2010 and 2019. A natural disaster can shut down your operations and threaten your business.

You can’t prevent a storm. But you can get physical asset insurance. This kind of policy helps your business pay for damages to its high-value property. Physical asset insurance usually covers buildings, inventory and equipment from natural disasters.

You Want Protection In Case of a Cyber Attack.

The data revolution makes business processes easier and more efficient than ever. Businesses like yours use data technology to streamline operations and find potential customers. But with this power comes corporate risk. According to MacAfee, cybercrime hit two-thirds of companies in 2019 and cost the global economy over $1 Trillion. Every day, sophisticated criminals try to enter business networks like yours. They want to steal your customer’s data or hold your network hostage for ransom.

Insurance against cyberattacks protects your company in the aftermath of a crime. A good partner company will even provide experts from Information Technology, legal, and media relations to help coordinate your response in the event of an attack.

You Want To Protect Your Management.

Today’s legal and regulatory environment is more complicated than ever. This is true especially for businesses that operate across countries and continents. Your senior leaders and board members are most likely exposed to lawsuits from inside the company as well. A Directors and Officers (D & O) Liability policy protects your board and executives from legal and regulatory risks.

You Want To Secure Your Reputation.

With the rise of the internet and social media, your company’s reputation is now among your most important assets. Unfortunately, what took you years to build can disappear in minutes. Executive misconduct, legal investigations and environmental challenges can ruin your company’s good name. Reputation insurance providers will assess your exposure to these risks and put a plan in place should disaster strike.

The modern world complicates any business. Your business is no exception. Your company’s leadership should have a conversation about corporate risk and insurance. The variety and size of risks to your business are growing each year. Insurance can be part of a solution that gives your business the confidence to succeed in any environment.

You Want a Partner To Mitigate Political Risk.

It’s never been easier for your company to operate in foreign countries. With this freedom comes exposure to international politics. Threats to your business come from war, political violence, sanctions, and trade embargoes. A foreign government can seize your assets. Currency manipulation can turn your profits into losses overnight. Political risk insurance can help your business deal with the unique threats posed by operating in foreign countries.