Call Us 502-348-5921 ☰ ˟
Logo
Call Us 502-348-5921 to get your personalized insurance quote
  • Home
  • get a quote
    • Auto Insurance Quote FormsImage of right arrow
      • Auto Insurance Quote
    • Bonds Quote FormsImage of right arrow
      • Bond Request Form
    • Business & Commercial Insurance Quote FormsImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Group Health & Employee Benefits
      • Surety Bond Request
      • Workers Compensation Quote
    • Health Insurance Quote FormsImage of right arrow
      • Health Instant Anthem Quote
      • Health Instant Humana Quote
      • Health Insurance Quote
    • Homeowners Insurance Quote FormsImage of right arrow
      • Homeowners Insurance Quote
      • Homeowners Insurance Quote
    • Life Insurance Quote FormsImage of right arrow
      • Life Insurance Quote
  • customer service
    • AutomobileImage of right arrow
      • Automobile Insurance Home
      • Request ID Card for Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Update Contact Information for Auto Policy
    • HomeownersImage of right arrow
      • Homeowners Insurance Home
      • Homeowners Insurance Quote
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
      • Request a Mortgage Change
      • Update Contact Information for Homeowners Policy
      • Homeowners Insurance Quote
    • Business & CommercialImage of right arrow
      • Business & Commercial Insurance Home
      • Commercial Auto Insurance
      • Request a Certificate of Insurance
      • Request a Business Policy Change
      • Group Health & Employee Benefits
      • Update Contact Information for Business Policy
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Workers Compensation Quote
      • Commercial Auto Insurance Quote
      • Surety Bond Request
      • Business Owners Policy
    • HealthImage of right arrow
      • Health Insurance Home
      • Group Health Insurance
      • Health Insurance Quote
      • Request Declaration and Coverages Page for Existing Health Insurance Coverage
      • Request a Health Policy Change
      • Health Instant Humana Quote
      • Update Contact Information for Health Policy
      • Health Instant Anthem Quote
    • LifeImage of right arrow
      • Life Insurance Home
      • Life Insurance Quote
      • Request Declaration and Coverages Page for Existing Life Insurance Coverage
      • Request a Life Policy Change
  • recources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • about us
    • About First Insurance Group
    • Our Locations
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > 5 Risks Your Business May Face
FRIDAY, DECEMBER 29, 2023

5 Risks Your Business May Face

Every business, big and small, faces risks on a daily basis. Though the risks are always there, you can combat them by planning ahead and putting security measures in place. Let’s look at five of the biggest potential risks and what you can do to minimize them.

  1. 2 people business shaking handsLegal risks: Today’s litigious society is the perfect breeding ground for a variety of lawsuits. Your business can be sued for poor product performance, third party injuries on the premises, copyright infringement, wrongful termination, libel, harassment and a host of other incidents, whether grounded or frivolous. The best way to combat this risk is to make sure your business is operating legally and ethically. Test products before selling, keep the workplace clean and tidy, buy all necessary rights and purchase business liability insurance that will cover legal and medical fees.
  2.  Reputation damage: Social media makes it easy for customers and competitors to say nasty things about your business. The best way to combat this risk is to closely monitor your online presence and promptly address any upset customers to resolve the situation. Similarly, quality customer service can eliminate many issues. It’s better for a customer to say “I had a problem with Company X, but I feel better now that they worked with me to fix their mistake” than it is for a customer to say “I hate Company X because I had a problem.”
  3.  Property damage: Natural disasters, storms, fire, theft and vandalism can all contribute to loss of property, which can mean building structures, inventory, equipment etc. If damages are severe, your business may lose profits if the company is unable to operate for an indefinite amount of time. The best way to combat this risk is to beef up your business’ security and to purchase business property insurance and business interruption insurance.
  4.  Cyber risks: Digital data can be stolen by hackers, lost in a power surge or even leaked by fraudulent employees. The best way to combat this risk is to install top-of-the-line firewalls (even if that means hiring an online security consultant) and to purchase cyber risk liability insurance.
  5.  Loss of a key employee: The illness, disability or death—whether sudden or foreseen—of a key employee can be detrimental to your business. Both temporary and permanent absences can significantly impact daily operations and profitability. The best way to combat this risk is to plan ahead for this possibility in your yearly business plans and to purchase key employee insurance.

We’ll help with all of you coverage needs. Call First Insurance Group at 502-348-5921 for more information on Kentucky business insurance. 

Posted 7:49 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014

  • insurance(76)
  • kentucky(58)
  • business insurance(45)
  • tips(44)
  • coverage(36)
  • home insurance(22)
  • safety(21)
  • auto insurance(21)
  • life insurance(19)
  • savings(18)
  • health insurance(18)
  • somerset(16)
  • lexington(15)
  • richmond(14)
  • frankfort(13)
  • workers compensation(13)
  • first insurance group(12)
  • health(10)
  • virginia(9)
  • bardstown(9)
  • bonds(9)
  • general liability insurance(8)
  • nicholasville(7)
  • commercial auto insurance(7)
  • homeowners insurance(6)
  • kentucky insurance(6)
  • car insurance(6)
  • liability(5)
  • lexington business insurance(5)
  • surety bonds(4)
  • protection(4)
  • workers compensation insurance(4)
  • security(4)
  • workplace safety(4)
  • fitness(4)
  • small business insurance(3)
  • workers comp(3)
  • flood insurance(3)
  • bop(3)
  • finance(3)
  • business owners policy(3)
  • premiums(3)
  • back pain(2)
  • trucking insurance(2)
  • commercial auto(2)
  • policy(2)
  • costs(2)
  • lexington health insurance(2)
  • worker's compensation(2)
  • home insurance lexington(2)

View Mobile Version
Contact us
502-348-5921
Quick Links
Home Our Products Customer Service Payment Options Report a Claim About Us Our Carriers Partners Blog Contact Us
Locations

Bardstown

107 Lincoln Way
Bardstown, KY 40004

Phone: (502) 348-5921

Frankfort

Our Virtual Office
Frankfort, KY 40601

Phone: (502) 223-5100

Nicholasville

508 North Main St, Suite C
Nicholasville, KY 40356

Phone: (859) 885-9454

Danville

811 S Fourth Street
Danville, KY 40422

Phone: (859) 236-5192



Twitter Icon Facebook Icon LinkedIn Icon Google Icon


Privacy Notice | Terms of Use
© Copyright. All rights reserved.
Powered by Insurance Website Builder