Want to expand your business? Then watch out for these threats.
As a small business owner, you want nothing more than to help your business grow. However, commercial growth comes with greater exposure to risks. To keep your company safe, take these steps to prevent major risks associated with business expansion.
- Offering New Services
Introducing new service offerings is a great way to attract new customers and provide more value for existing clients. However, anytime your business introduces a new professional service, it faces an increased risk for a professional liability issue. These issues arise when your company makes a mistake while rendering professional services, putting clients and other parties at risk for injuries, damages, and other losses. You can reduce this risk with careful employee training and oversight. Additionally, updating your professional liability coverage will also provide an added layer of security.
- Selling New Products
If your business is involved in the manufacture, distribution, or sale of products, then you might expand your enterprise by adding new product offerings. The more products you offer, the greater your risk for product-related injuries, damages, and other losses. To reduce your risk for product liability issues, make sure all new product offerings are subjected to intensive research and development and safety testing before official release. Additionally, make sure you update your business’s product liability insurance to protect against your increased risk.
- Buying New Equipment or Supplies
If you plan to expand your business by purchasing new equipment or supplies, then you face an increased risk for damage, equipment breakdown, and employee mishandling. To reduce the chances of your brand-new equipment getting damaged or breaking down, you need to secure your business’s premises against threats of fire, leaks, theft, and vandalism. You also need to follow manufacturer guidelines for maintaining and caring for your equipment. Finally, you should train employees on how to properly and safely operate new equipment to reduce the chances of them mishandling it and causing damage or sustaining injuries. Of course, you should also update your commercial property and equipment breakdown insurance for an added layer of protection for your company.
Don’t let these threats get the best of your growing business. Need help securing the right commercial insurance to protect your company? If so, then contact the team at Patterson & Associates in Richardson, Texas. We are eager to assist you with all your business insurance needs today.