Putting together a small business is difficult enough that it can be easy to neglect planning for the potential risks your business will have to contend with. Nevertheless, it’s never a bad time to start planning for dangers that could seriously impact your business. To help you prioritize potential dangers, here are the top risks that your small business may face.
As one of the top risks that your small business may face, none are as urgent right now as the COVID-19 pandemic. It’s important that you’re diligent in following CDC guidelines and ensuring your workplace is as safe as possible for you, your employees, and your customers. Routinely sanitizing the surfaces of your business will eliminate the build-up of bacteria and germs that may allow the virus to take hold within your business.
As a business owner, you are liable for physical damages, bodily injury, and keeping up with all your contracts and obligations. Making sure you have a strong handle on your responsibilities and maintaining good communication with your employees and customers is a good start. You should also consider having Commercial General Liability insurance, as even one mistake could be costly for you.
The first two topics feed into this one. Building your reputation as a brand is crucial to encourage customers to visit your business. For instance, strictly following the CDC guidelines and sanitizing your workplace shows that you have the safety of your customers in mind; this will make them feel more comfortable about visiting during the pandemic. A business’s reputation will make or break its success.
Unfortunately, there are a lot of elements just outside of your control. Accidents, hazards, and natural disasters may damage your business’s building or the equipment and product within. Much like the risks of liability, covering yourself with insurance is a good safety measure that will reduce the burden of replacing damaged goods and equipment or repairing damages to the property.