Business risk is something every business owner evaluates, but the thought of paying for multiple policies can be alarming. For example, businesses are four times more likely to be burglarized than a residence and, on average, $4 million dollars a day are lost as a result of those burglaries. Astonishing—and burglary is just one of the many risks businesses face.
By Sean Jagroop
As an MGA with the assistance of a premium finance partner, you can help your clients understand these risks and obtain the necessary coverage by wrapping various carrier policies into one plan. It’s comprehensive protection every business should explore for common risks like these:
It’s nearly impossible to predict events that compromise your building—like accidental fires—but when they do occur it’s important to have a plan in place to keep your business running. Obtaining coverage before something goes awry helps businesses stay on track even if the building is unexpectedly damaged.
What happens when a business owner walks in to find their computers, tvs, and/or phones stolen or broken? With burglary and theft affecting 20 percent of small businesses, it’s something every business owner has to consider. And what may be even more surprising is the threat many owners face from their own employees, accounting for nearly $50 billion in business theft annually. With the right plan in place, businesses can pick up the pieces with much less hassle.
Inland Marine coverage applies to belongings shipped from point A to point B, such as computers, construction equipment, photographic instruments, and other items of similar scale and value. Companies often address the safety of these items by using technology like security cameras—but planning for potential shipping mishaps can provide an extra layer of protection when shipping and receiving valuable packages.
From destroyed computers to stolen packages, there are a number of risks every business owner should prepare for. With the help of a premium-financing partner, MGAs can offer financing plans that make it easy to get the multi-policy protection businesses need.