Your family business is more than simply a source of income—it’s an investment in your future. Yet many small business owners fail to adequately insure the businesses they’ve built, creating gaps in coverage that can expose them to risk, including the loss of capital assets, interruptions in revenue stream, lawsuits, workers compensation claims, and data breaches.

Making sure you have the proper coverage to meet the needs and potential vulnerabilities of your businesscanhelp to preserve your assets in the event of a setback. But don’t settle for a pre-packaged solution. All business insurance programs are not the same, so it’s important to work with your insurer to create a policy profile customized to address the real risks that your business faces.

Safeguard Your Principal Assets

Protecting your largest capital investments—such as land, buildings, equipment, and vehicles—will likely be first on your mind when seeking to safeguard your company’s assets. A skilled insurance provider familiar with the workings of small to medium-sized businesses can help you craft a policy profile that safeguards your principal capital assets from common risks such as fire, water damage, storm, theft, and vandalism.

Protect Your Business from Potential Litigation

Lawsuits, damage awards, and out-of-court settlements cost U.S. businesses billions annually. A well-crafted liability policy can help to ensure that you and your business are protected from potentially crippling litigation. Your liability policy should be broad enough to address all potential threats to your business—including injuries incurred by people authorized to be on your property, lawsuits brought by employees, libel or slander that could damage your business’s reputation, or potential lawsuits brought by vendors or customers. You may even be held legally liable for damages in cases where you used “reasonable care” as well as for the actions of third-party contractors in your employ. These potential risks are all insurable within a thoroughly craftedinsurance program.

Protect Your People—and Your Business

On-the-job injuries are almost inevitable in any business. From simple slip-and-falls to mishaps resulting from working withcomplexequipment, workplace injuries can quickly result in expensive workman’s compensation claims. Workers’ compensation insurance pays an employee only for time lost because of work injuries and work-related sickness—but not for time lost due to disabilities incurred off the job. However, you can close this loophole by purchasing low-cost insurance to replace the lost income of workers who suffer short- or long-term disability unrelated to work.Another type of coverage is called “Key Man” insurance, which reimburses your company in the event that a vital member of your team is unable to work due to illness, injury, or death. Payouts from such policies can help hire or train replacement workers, compensate for lost revenue, and maintain workflow throughout transitional periods.

Protect Your Company from Workflow Interruptions

A sudden or unexpected interruption in workflow can quickly cripple your business’s ability to make payroll, pay rent, cover utility bills, maintain relationships with vendors, and pay taxes. A well-crafted program should consider fixed expenses in the event of a disaster, helping your business to maintainits cashflowandrelocate if necessary.

Data Breach Insurance

In today’s digital environment, even small businesses find themselves dependent on information technology for their survival. With cybercrime on the increase, your company’s information infrastructure may be leaving you vulnerable to attacks by hackers, malware, phishing scams, and more. A data breach can cost your business not only in revenue, but also in damage to your family reputation, making it vital to address any potential vulnerabilities now, before they become a major headache later on. A data breach policy can help protect your business in the event that essential files are lost or compromised, your network crashes, or you are the victim of cybercrime that impedes the operation of your business. Reimbursements can be used to bolster your cybercrime protections, recover data, notify customers as required by law and recoup lost revenue.

At MAGIS, we believe in your business and want to give it every opportunity to thrive. That’s why our expert agents are eager to work with you to customize an insurance profile that addresses the risks and needs of your business. Whether you’re looking to insure large capital assets, protect your business from potential litigation, or guard against a potential business interruption ort data breach, we can create a policy profile that works for you. Contact MAGIS today, and learn how we can help protect your business—and your future.