Using a Predict and Prevent Approach to Insurance
When it comes to your business, it’s easier to use a predict-and-prevent approach to operations than to repair and reimburse after the fact. However, not many business owners leverage this mentality when it comes to picking their insurance policies.
Be proactive, not reactive, because an issue that seems insignificant today can quickly turn into a catastrophe tomorrow.
More often than not, when business owners pick their insurance policies and coverage, they’re focused on the cost of the policy over the benefits of having the policy at hand. Think about it this way – if your business experiences a data breach, would you have rather paid the (smaller) cost of cyber liability insurance? Or hundreds of thousands, if not millions of dollars in repairs that came from the attack?
Every business is unique, which means so are your business risks. When using the predict and prevent model, think about things such as your industry, organizational structure, and regulations when discussing insurance options with your broker.
Insurance policies for a predict-and-prevent approach:
- Cyber Liability Insurance: Covers your business against any cyber attacks or data breaches.
- Professional Liability Insurance: Covers your business against claims that a professional service you provided caused your client to suffer financial harm.
- Business Interruption Insurance: Covers your business for loss of income from a fire or other catastrophes that halts or disrupts business operations.
- Commercial Auto Insurance: Provides protection against both property damage and liability for any vehicle designated for business use
At Snellings Walters, we care about helping you protect your business against all of its risks. This means finding the blind spots in your coverage that you might not be able to see. We’ll make sure we identify the real issues you want to fix and provide you with the right tools and knowledge to succeed. Reach out to us here to get started.