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According to a recent Monroe News Star column written by a Christine Berry, director of the Small Business Risk Management Institute at the University of Louisiana-Monroe, risk management is becoming increasingly important for businesses across the United States, due to property insurance risks faced by businesses.
Berry said property insurance covers a business’ building, furniture, inventory and general equipment and tools, which need coverage because many times a business does not have the funds necessary to replace these things if they were to become unusable.
Business insurance should also be considered for other risks, like premises liability, which can refer to people injured on company property, or product liability, which becomes an issue if a product provided by a company leads to a customer getting injured, reported the paper.
Insurance can also help businesses recover from natural disasters such as hurricanes and tornadoes, which have plagued the South and Midwest regions of the United States in recent years.
Property insurance was also deemed important at a recent insurance conference held in Orlando, Florida.
At the conference, insurance professionals were able to take part in workshops and learning opportunities related to how windstorm issues can affect businesses.
