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Small business owners must assess risks

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While small business owners have to juggle many tasks, it's important to continually be assessing risk and purchasing the right type of insurance coverages, which can protect them from liability claims, a Phoenix law firm recently reminded entrepreneurs.

Small business owners who hire employees most likely are aware they should look at purchasing worker's compensation insurance, which covers medical expenses and time off for employees who are hurt on the job. However, the law firm asks small business owners to consider whether they could be subject to claims for professional errors and omissions. Many accountants, doctors, lawyers and other professionals need errors and omissions insuranceto protect against claims stemming from alleged errors on documents or other work products.

There types of Insurance can protect small businesses from liability arising from injury and errors, which are risks businesses have long faced, but small businesses in the 21st century also need to be protected from cyberattacks.

A recent survey conducted by nCircle found that many IT professionals in small businesses are lackadaisical when it comes to security, with 39 percent saying they only rely on firewalls and third party applications for web security. This statistic might prompt SMB owners to double check their business' security protocols and investigate options for cyberliability insurance.

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