Obtaining the type of business insurance in Illinois to suit your company is a very important element when you are working through the business plan for your start-up. Understanding your exposure to risk is the key to being able to tailor your coverage to suit your company’s requirements.
Assess Your Potential Risks
Ask yourself what types of risks you are likely to face. For example, will there be a risk of members of the public filing lawsuits due to negligence? A claim due to physical injury may be more likely to occur in a firm which runs its business from a shop, than in an office environment where clients rarely attend the premises. However, if your business offers services or advice, then you could be exposed to other types of negligence claims. Other risks may include property damage, theft, employee dishonesty, and many more. You will need to do a risk assessment for all aspects of the business to identify the full range of risks.
Once Identified, Implement Risk Management Measures
Having obtained an idea of the level of risk to which your company will be exposed, form an idea of how these risks may be reduced. For the above example, you might install non-slip flooring for your staff and customers, or take out an insurance policy to cover some identified risks.
Your risk assessment should also give you an idea of the type of coverage you will need when you are operating your firm. By thinking through your exposure to workplace risk, you may obtain a better understanding of any specialty insurances you may need. Speak to the experts. Our agents are ready to discuss with you the best business insurance Illinois has to offer. Why not give us a call?
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